Gold Technical Analysis: Bullish flag breakout support prospects for further near-term up-move

   •  The commodity's intraday corrective slide, alongside a descending trend-channel, stalled near the $1233 region, with bulls now eyeing a follow-through up-move beyond $1240 level.

   •  The mentioned channel, against the backdrop of the recent rally since late-Nov., constituted towards the formation of a bullish continuation - flag chart pattern on the 1-hourly chart.

   •  The fact that the precious metal is holding above intraday important moving averages - 50, 100 & 200-hour SMAs, the set-up support prospects for further near-term up-move. 

   •  Meanwhile, technical indicators have been losing traction but are yet to fall into bearish territory and considering the lag effect, seem unlikely to dampen the constructive outlook. 

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1238.2    Today Daily change: 9.0 pips    Today Daily change %: 0.00727%    Today Daily Open: 1238.11Trends:    Previous Daily SMA20: 1218.99    Previous Daily SMA50: 1221.7    Previous Daily SMA100: 1209.9    Previous Daily SMA200: 1233.72Levels:    Previous Daily High: 1241.9    Previous Daily Low: 1230.6    Previous Weekly High: 1231.8    Previous Weekly Low: 1211.2    Previous Monthly High: 1237.4    Previous Monthly Low: 1196.4    Previous Daily Fibonacci 38.2%: 1237.58    Previous Daily Fibonacci 61.8%: 1234.91    Previous Daily Pivot Point S1: 1231.84    Previous Daily Pivot Point S2: 1225.56    Previous Daily Pivot Point S3: 1220.53    Previous Daily Pivot Point R1: 1243.14    Previous Daily Pivot Point R2: 1248.17    Previous Daily Pivot Point R3: 1254.45

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.