- Gold’s hourly chart shows a falling wedge reversal, which indicates the metal’s pullback from the high of $1,201 has ended and the corrective rally from the recent low of $1,160 has resumed.
- So, prices look set to re-test the psychological hurdle of $1,200.
- However, there is merit in being cautious as the 50-hour MA is about to cross the 100-hour MA from above (bear cross). So, prices could face stiff resistance around $1,192 (a level where the 50-hour MA is about to meet the 100-hour MA).
Hourly chart
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Current Price: $1,188
Daily High: $1,289
Daily Low: $1,183
Trend: Cautiously bullish
R1: $1,191.50 (50-hour MA + 100-hour MA)
R2: $1,201 (Aug. 22 high)
R3: $1,217 (Aug. 10 high resistance as per the 4-hour chart)
Support
S1: $1,187 (4H 50MA)
S2: $1,183 (session low)
S3: $1,160 (recent low)
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