“¢ After yesterday’s pull-back, the precious metal regained positive traction and has been trending higher alongside an upward sloping trend-channel formation on the 1-hourly chart.
“¢ Some renewed USD selling pressure, further aggravated by disappointing US durable goods orders data, lifted the dollar-denominated commodity further beyond 100-hour EMA.
“¢ A subsequent breakthrough the trend-channel was now seen a key trigger for bullish traders and hence, a follow-through up-move, led by some fresh technical buying, now looks a distinct possibility.
“¢ The highly anticipated Fed Chair Jerome Powell’s speech at the annual Economic Policy Symposium, in Jackson Hole, should play an important role in driving the metal on the last trading day of the week.
Gold 1-hourly chart
Spot Rate: $1195.34
Daily Low: $1183.15
Trend: Short-term bullish
Resistance
R1: $1201.62 (over one-week high set on Wednesday)
R2: $1206.63 (R3 daily pivot-point)
R3: $1213.08 (200-period SMA H4)
Support
S1: $1191.40 (horizontal zone)
S2: $1183.15 (current day swing low)
S3: $1175.39 (S2 daily pivot-point)
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