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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.