Gold Technical Analysis: Bulls need to defend trendline support of $1,190

The hourly chart relative strength index (RSI) is reporting overbought conditions. As a result, gold could find it hard to scale the immediate resistance of the 200-hour moving average of $1,193.
A repeated rejection at the 200-hour MA could yield a pullback, although the outlook would remain bullish as long as the yellow metal is holding above the ascending trendline support of $1,190.
A break below the ascending trendline would allow a deeper drop to the 50-hour MA, currently located at $1,184.

Omkar Godbole FXStreet Contributor

Hourly chart

Current Price: $1,193

Daily High: $1,194.50

Daily Low: $1,190.32

Trend: Bearish below $1,190

Resistance

R1: $1,195 (5-day MA)

R2: $1,200 (psychological level)

R3: $1,204 (Aug. 3 low)

Support

S1: $1,190 (session low)

S2: $1,183 (5-day MA)

S3: $1,160 (Aug. 16 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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