Gold Technical Analysis: Bullish flag spotted on 1-hourly chart, sustained move beyond 100-DMA awaited

   •  The commodity has been correcting from 2-1/2 month tops alongside a short-term descending trend-channel formation on the 1-hourly chart.

   •  Against the backdrop of the recent upsurge from $1183 area, the channel now seems to constitute towards the formation of a bullish flag chart pattern. 

   •  Moreover, positive technical indicators on the daily chart support the constructive formation though are slowly catching up on the 1-hourly chart.

   •  Meanwhile, the commodity's inability to sustain/build on the momentum beyond 100-day SMA might be the only factor holding traders from placing fresh bullish bets.

   •  Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move. 

Gold 1-hourly chart

XAU/USD

Overview:    Last Price: 1222.51    Daily change: 31 pips    Daily change: 0.0254%    Daily Open: 1222.2Trends:    Daily SMA20: 1204.4    Daily SMA50: 1201.2    Daily SMA100: 1208.48    Daily SMA200: 1255.4Levels:    Daily High: 1229.6    Daily Low: 1220.3    Weekly High: 1226.4    Weekly Low: 1182.54    Monthly High: 1212.64    Monthly Low: 1180.63    Daily Fibonacci 38.2%: 1223.85    Daily Fibonacci 61.8%: 1226.05    Daily Pivot Point S1: 1218.47    Daily Pivot Point S2: 1214.73    Daily Pivot Point S3: 1209.17    Daily Pivot Point R1: 1227.77    Daily Pivot Point R2: 1233.33    Daily Pivot Point R3: 1237.07

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