Gold Technical Analysis: Bullish flag breakout support prospects for further near-term up-move

Haresh Menghani FXStreet

• 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

XAU/USD

Overview:
    Today Last Price: 1238.2
    Today Daily change: 9.0 pips
    Today Daily change %: 0.00727%
    Today Daily Open: 1238.11
Trends:
    Previous Daily SMA20: 1218.99
    Previous Daily SMA50: 1221.7
    Previous Daily SMA100: 1209.9
    Previous Daily SMA200: 1233.72
Levels:
    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

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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