Gold Technical Analysis: In recovery mode

• Gold’s (XAU/USD) technical recovery is gathering upside traction.
• The metal is attempting a break above the 100-hour moving average (MA).
• The hourly RSI is biased to the bulls, indicates the scope for further gains.
• Death cross confirmation – a contrarian study, also favors a corrective rally.

Hourly chart

Source: Netdania

Current Price: $1,271

Daily High: $1,272

Daily Low: $1,268.67

Trend: Bullish

Resistance

R1: $1,275 (resistance on the hourly chart)

R2: $1,282.50 (200-hour MA)

R3: $1,2833 (June 1 low)

Support

S1: $1,267 (50-hour MA)

S2: $1,261 (last week’s low)

S3: $1,234 (200-week MA)