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  • Gold is looking oversold as per the hourly chart relative strength index (RSI). Notably, a bullish RSI divergence would be confirmed if the current or the next hourly candle report gains, without printing lows below the session low of $1,215.
  • The action on the hourly chart indicates the pullback from the recent highs above $1,.243 could be nearing an end, however, only an acceptance above the falling trendline would put the bulls back into the driver’s seat.
  • A break above the falling trendline will likely remain elusive if the US employment cost index, due for release at 12:30 GMT, indicates that wage-price inflation picked up the pace in the third quarter.

Hourly Chart

Trend: Consolidation

XAU/USD

Overview:
       Last Price:  1217.64
       Daily change:  -5.4e+2  pips
       Daily change:  -0.438%
       Daily Open:  1223
Trends:
       Daily SMA20:  1226.14
       Daily SMA50:  1208.88
       Daily SMA100:  1207.1
       Daily SMA200:  1248.52
Levels:
       Daily High:  1230.58
       Daily Low:  1219.6
       Weekly High:  1243.43
       Weekly Low:  1219.9
       Monthly High:  1212.64
       Monthly Low:  1180.63
       Daily Fibonacci 38.2%:  1223.79
       Daily Fibonacci 61.8%:  1226.39
       Daily Pivot Point S1:  1218.21
       Daily Pivot Point S2:  1213.41
       Daily Pivot Point S3:  1207.23
       Daily Pivot Point R1:  1229.19
       Daily Pivot Point R2:  1235.37
       Daily Pivot Point R3:  1240.17