• The precious metal regained positive traction on Wednesday and is now holding comfortably above a short-term descending trend-line resistance.
• With short-term technical indicators gaining positive momentum, a follow-through up-move beyond 200-hour SMA adds credence to the bullish breakout.
• Hence, an extension of the positive momentum, led by some fresh technical buying, now looks a distinct possibility.
Spot rate: $1232
Daily Low: $1223
R1: $1235 (weekly tops set on Monday)
R2: $1242 (20-day SMA)
R3: $1248 (horizontal zone)
S1: $1227 (horizontal zone)
S2: $1223 (recent daily closing low)
S3: $1218 (overnight swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.