• The commodity's intraday corrective slide, alongside a descending trend-channel, stalled near the $1233 region, with bulls now eyeing a follow-through up-move beyond $1240 level.
• The mentioned channel, against the backdrop of the recent rally since late-Nov., constituted towards the formation of a bullish continuation - flag chart pattern on the 1-hourly chart.
• The fact that the precious metal is holding above intraday important moving averages - 50, 100 & 200-hour SMAs, the set-up support prospects for further near-term up-move.
• Meanwhile, technical indicators have been losing traction but are yet to fall into bearish territory and considering the lag effect, seem unlikely to dampen the constructive outlook.
Gold 1-hourly chart
Today Last Price: 1238.2
Today Daily change: 9.0 pips
Today Daily change %: 0.00727%
Today Daily Open: 1238.11
Previous Daily SMA20: 1218.99
Previous Daily SMA50: 1221.7
Previous Daily SMA100: 1209.9
Previous Daily SMA200: 1233.72
Previous Daily High: 1241.9
Previous Daily Low: 1230.6
Previous Weekly High: 1231.8
Previous Weekly Low: 1211.2
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1237.58
Previous Daily Fibonacci 61.8%: 1234.91
Previous Daily Pivot Point S1: 1231.84
Previous Daily Pivot Point S2: 1225.56
Previous Daily Pivot Point S3: 1220.53
Previous Daily Pivot Point R1: 1243.14
Previous Daily Pivot Point R2: 1248.17
Previous Daily Pivot Point R3: 1254.45
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