Gold Technical Analysis: Breaks through descending trend-channel hurdle, now eyeing 200-hour SMA
• The precious metal reversed an early dip and jumped to fresh session tops in the last hour, turning higher for the second straight session.
• The positive momentum has been strong enough to lift the commodity beyond a descending trend-channel formation on the 1-hourly chart.
• Technical indicators on mentioned charts have just started gaining traction and support prospects for an extension of the goodish intraday up-move.
• A follow-through strength beyond 200-hour will add credence to the near-term bullish breakout and pave the way for a further appreciating move.
Gold 1-hourly chart
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XAU/USD
Overview: Today Last Price: 1311.18 Today Daily change %: 0.11% Today Daily Open: 1309.8Trends: Daily SMA20: 1298.75 Daily SMA50: 1276.03 Daily SMA100: 1247.89 Daily SMA200: 1230.71Levels: Previous Daily High: 1312 Previous Daily Low: 1302.8 Previous Weekly High: 1326.25 Previous Weekly Low: 1297.8 Previous Monthly High: 1326.25 Previous Monthly Low: 1275.9 Daily Fibonacci 38.2%: 1308.49 Daily Fibonacci 61.8%: 1306.31 Daily Pivot Point S1: 1304.4 Daily Pivot Point S2: 1299 Daily Pivot Point S3: 1295.2 Daily Pivot Point R1: 1313.6 Daily Pivot Point R2: 1317.4 Daily Pivot Point R3: 1322.8
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