Gold Technical Analysis: bullish continuation likely above $1,216

Gold is consolidating in the range of $1,207 to $1,216 and a break above the upper end of the trading range would confirm a bullish continuation pattern, that is, a revival of the rally from the Nov. 14 low of $1,199. The yellow metal has found acceptance above the 200-hour exponential moving average (EMA). Further, the 50-hour EMA has cut the 100-hour EMA from below, confirming a bullish crossover. The prospects of the bullish breakout weaken if prices fall back below the 200-hour EMA of $1,213.

Hourly Chart

Trend: Bullish above $1,216

XAU/USD

Overview:    Last Price: 1214.37    Daily change: 1.2e+2 pips    Daily change: 0.102%    Daily Open: 1213.13Trends:    Daily SMA20: 1221.29    Daily SMA50: 1213.93    Daily SMA100: 1206.53    Daily SMA200: 1240.11Levels:    Daily High: 1216.47    Daily Low: 1207    Weekly High: 1236.6    Weekly Low: 1206.3    Monthly High: 1243.43    Monthly Low: 1182.54    Daily Fibonacci 38.2%: 1212.85    Daily Fibonacci 61.8%: 1210.62    Daily Pivot Point S1: 1207.93    Daily Pivot Point S2: 1202.73    Daily Pivot Point S3: 1198.46    Daily Pivot Point R1: 1217.4    Daily Pivot Point R2: 1221.67    Daily Pivot Point R3: 1226.87

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