Breakout seen on gold’s hourly chart suggests scope for an extension on the ongoing recovery. The broader outlook looks negative with the weekly chart indicator reporting a bearish pattern. Gold is currently trading at $1,483 per Oz, representing a 0.8% gain on the day. The hourly chart is now reporting a falling wedge breakout, a bullish reversal pattern. The hourly relative strength index has broken out of a two-day long sideways channel, validating the breakout on the price chart. The yellow metal could rise to challenge the immediate resistance near $1,495, which is breached, would expose the psychological hurdle of $1,500. On the downside, key support is located at $1,545-$1,451. A violation there would imply a continuation of the broader decline from recent highs above $1,700. The weekly chart RSI is reporting a head-and-shoulders breakdown. As a result, an uptick to $1,495 or $1,500, if any, could be short-lived. Hourly chart Weekly chart Trend: Intraday bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index pulls back from three-year high, revisits sub-102.50 zone FX Street 2 years Breakout seen on gold's hourly chart suggests scope for an extension on the ongoing recovery. The broader outlook looks negative with the weekly chart indicator reporting a bearish pattern. Gold is currently trading at $1,483 per Oz, representing a 0.8% gain on the day. The hourly chart is now reporting a falling wedge breakout, a bullish reversal pattern. The hourly relative strength index has broken out of a two-day long sideways channel, validating the breakout on the price chart. The yellow metal could rise to challenge the immediate resistance near $1,495, which is breached, would expose the psychological hurdle of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
