Gold technical analysis: About to confirm rising wedge on H1

Gold pulls back to short-term support-line.
Sellers aim for 100-HMA if confirming rising wedge breakdown.
Bearish MACD favors the downside.

With the 12-bar moving average convergence and divergence (MACD) flashing bearish signals, Gold sellers await confirmation of short-term rising wedge bearish formation to target 100-hour moving average (HMA). The quote currently trades around $1519 ahead of Friday’s European sellers.

While a break of $1518.60 will confirm the bearish technical pattern, 100-HMA at $1,511 can offer an intermediate halt before dragging prices to 23.6% Fibonacci retracement level of present month upside, at $1502.

Should buyers fail to return, August 14 low near $1,494 and August 13 low around $1,481 get to come back as quotes.

Alternatively, $1,528 acts as the formation resistances and a break of which will negate the bearish technical pattern, which in turn can trigger fresh upside towards the recent high of $1,534.41.

Gold hourly chart

Trend: Pullback expected

1. R3 1548.83
2. R2 1537.81
3. R1 1530.5
PP 1519.48
1. S1 1512.18
2. S2 1501.16
3. S3 1493.85

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