- Gold is trapped in a narrow range of $1,220 to $1,230, as the bulls are likely having a breather, having pushed the metal to a 2.5-month high of $1,233 last week.
- Also, the consolidation is happening in the positive zone above the six-month-long falling trendline. It is worth noting that the trendline hurdle was breached last week.
- A break above $1,230 (upper edge of the range) would signal a revival of the rally from the Oct. 8 low of $1,183 and could yield a rally to $1,248 (200-day exponential moving average).
- On the downside, a daily close below the 10-day EMA would weaken the bullish case.
Hourly Chart
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Current Price: $1,223
Daily High: $1,225
Daily Low: $1,221
Trend: Bullish
R1: $1,230 (range resistance)
R2: $1,235.24 (July 26 high)
R3: $1,248 (200-day EMA)
Support
S1: $1,220 (range support)
S2: $1,214.30 (Aug. 28 low)
S3: $1,200 (psychological support)
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