“¢ The precious metal struggled to build on overnight strong upsurge to 1-1/2 week tops and remained capped below an important resistance, held since early August.
“¢ Technical indicators on hourly charts are holding in bullish territory but are yet to catch up on the daily chart and seemed to be the only factor keeping a lid on the up-move.
“¢ Meanwhile, the risk-on mood was largely offset by some renewed USD selling and might now help limit any meaningful downside for the dollar-denominated commodity.
“¢ The fact that the commodity is trading well above important intraday moving averages – 50, 100 & 200-hour SMA, support prospects for further appreciating the move.
“¢ A convincing break through the mentioned barrier would add credence to the constructive outlook and trigger a near-term short-covering rally further beyond 100-day SMA.
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Spot Rate: $1203.80
Daily High: $1208.30
Trend: Turning bullish
Resistance
R1: $1210 (2-month old hurdle)
R2: $1215.46 (100-day SMA)
R3: $1220.33 (R2 daily pivot-point)
Support
S1: $1200 (psychological mark)
S2: $1195.76 (200-period SMA H1)
S3: $1191.37 (S1 daily pivot-point)
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