Gold Technical Analysis: trapped in an expanding falling channel in the hourly chart

Omkar Godbole FXStreet Contributor

Gold is currently trading in a sideways manner within an expanding falling channel, as seen in the chart below.

Hourly chart

The relative strength index (RSI) has dived out of the ascending trendline. So, the metal could take out the lower edge of the minor sideways channel, currently at $1,312. That would open up downside toward $1,308-$1,305.
A break above the falling channel hurdle at $1,316 would imply an end of the corrective pullback and could yield a rally to levels above $1,320.

Trend: bearish below $1,312

XAU/USD

Overview:
    Today Last Price: 1313.5
    Today Daily change: -1.76 pips
    Today Daily change %: -0.13%
    Today Daily Open: 1315.26
Trends:
    Daily SMA20: 1296.91
    Daily SMA50: 1272.58
    Daily SMA100: 1245.75
    Daily SMA200: 1230.24
Levels:
    Previous Daily High: 1316.85
    Previous Daily Low: 1310.1
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1314.27
    Daily Fibonacci 61.8%: 1312.68
    Daily Pivot Point S1: 1311.29
    Daily Pivot Point S2: 1307.32
    Daily Pivot Point S3: 1304.54
    Daily Pivot Point R1: 1318.04
    Daily Pivot Point R2: 1320.82
    Daily Pivot Point R3: 1324.79

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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