“¢ Struggles to build on a modest recovery attempt from a short-term descending trend-channel formation on the 1-hourly chart.
“¢ With technical indicators on the said chart gradually recovering from near-term oversold conditions, a heavily offered tone surrounding the USD could provide a minor boost to the dollar-denominated commodity.
“¢ However, any meaningful up-move is likely to remain capped near an important confluence region, comprising of 100-hour SMA and the descending trend-channel resistance.
Spot Rate: $1250.63
Daily Low: $1246.19
Daily High: $1252.90
Trend: Bearish
Resistance
R1: $1254 (overnight swing high)
R2: $1258 (descending trend-channel hurdle)
R3: $1263 (10-day SMA)
Support
S1: $1247 (horizontal level)
S2: $1244 (descending trend-channel support)
S3: $1240 (Dec. 12 swing low)
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