Gold technical analysis: Mildly bid with falling wedge breakout on 1H

Gold's hourly chart shows a falling wedge breakout.
Key indicators are also flashing bullish conditions.

Omkar Godbole FXStreet Contributor

Gold is currently trading $1,340 per Oz, representing 0.52 percent gains on the low of $1,333 seen on Monday.

The bounce could be extended further toward $1,350, as the hourly chart is reporting a falling wedge breakout - a bullish reversal pattern which indicates the pullback from Friday's high of $1,358 has ended and the bulls are back in commanding position.

Also supporting the case for a rally to $1,350 is the relative strength index (RSI) on the hourly chart which is reporting bullish conditions with an above-50 print. Further, the 5- and 10-day moving averages are trending north, indicating bullish setup.

Hourly chart

Trend: Bullish

Pivot levels

1. R3 1354.75
2. R2 1349.05
3. R1 1344.4
PP 1338.7
1. S1 1334.05
2. S2 1328.35
3. S3 1323.7

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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