Gold jumped to 4-hour 200-candle moving average (MA) of $1,311 earlier today, as expected, but failed to take out the key hurdle and is currently trading at $1,308.
The hourly chart relative strength index (RSI) has rolled over from the overbought territory, creating lower highs in favor of the bears.
Meanwhile, rejection at the 200-candle MA has strengthened the bearish case put forward by the negative crossover of the 100- and 200-candle MAs on the 4H.
The yellow metal, therefore, could see a minor pullback to $1,303-$1,300 levels. A break above the 4H 200-candle MA of $1,311 is needed to revive the bullish view.
Trend: Pullback likely
- R3 1326.55
- R2 1319.67
- R1 1314.4
- PP 1307.52
- S1 1302.25
- S2 1295.37
- S3 1290.1
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