Gold Technical Analysis: bounces off descending trend-channel support

Haresh Menghani FXStreet

• Near-term oversold conditions prompt some short-covering move amid a modest USD retracement and from a short-term descending trend-channel support on the 1-hourly chart.

• Technical indicators on the said chart hold in negative territory and hence, a move towards 50-hour SMA immediate hurdle might still be looked upon as a selling opportunity.

• Any subsequent up-move is likely to remain capped at an important confluence region, comprising of the trend-channel resistance and 100-hour SMA.

Gold 1-hourly chart

Spot Rate: $1252.62
Daily Low: $1248.39
Daily High: $1254.13
Trend: Bearish with possibilities of a corrective bounce

Resistance
R1: $1256 (50-period SMA H1)
R2: $1261 (top-end of the descending trend-channel)
R3: $1278 (overnight swing high)

Support
S1: $1248 (current day swing low)
S2: $1244 (50% Fib. level of the $1123-$1366 rally)
S3: $1242 (Dec. 2017 daily closing low)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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