- Gold’s hourly chart shows a rising wedge breakdown – bearish continuation pattern, which signals an end of the corrective rally from the recent low of $1,211 and a resumption of the sell-off.
- However, the rising wedge breakdown could end up being a bear trap as the daily chart shows a bullish divergence of the relative strength index (RSI) and stochastic.
Hourly chart
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Daily chart
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Current Price: $1,222
Daily High: $1,225
Daily Low: $1,220
Trend: Bullish
Resistance
R1: $1,226 (50-hour MA)
R2: $1,233 (200-hour MA)
R3: $1,235 (July 23 high resistance on hourly chart)
Support
S1: $1,220 (July 18 low support on hourly chart)
S2: $1,215 (July 20 low support on hourly chart)
S3: $1,211 (July 19 low)
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