Gold Technical Analysis: Bulls looking to build on descending trend-line resistance breakout momentum

   •  The precious metal built on the recent recovery from one-month lows and continued gaining positive traction for the seventh session in the previous eight.

   •  The commodity now seems to have cleared a resistance marked by short-term descending trend-line, extending from highs touched in Oct. and early Nov.

   •  Technical indicators on hourly charts have managed to hold in bullish territory and support prospects for an extension of the near-term positive momentum.

   •  However, oscillators on the daily chart have started losing traction and hence, failure to attract any follow-through buying might prompt some aggressive long-unwinding trade. 

Gold 4-hourly chart

XAU/USD

Overview:    Today Last Price: 1227.87    Today Daily change: 2.1e+2 pips    Today Daily change %: 0.171%    Today Daily Open: 1225.77Trends:    Previous Daily SMA20: 1218.93    Previous Daily SMA50: 1216.81    Previous Daily SMA100: 1207.08    Previous Daily SMA200: 1237.73Levels:    Previous Daily High: 1230.3    Previous Daily Low: 1219.4    Previous Weekly High: 1225.4    Previous Weekly Low: 1196    Previous Monthly High: 1243.43    Previous Monthly Low: 1182.54    Previous Daily Fibonacci 38.2%: 1226.14    Previous Daily Fibonacci 61.8%: 1223.56    Previous Daily Pivot Point S1: 1220.01    Previous Daily Pivot Point S2: 1214.26    Previous Daily Pivot Point S3: 1209.11    Previous Daily Pivot Point R1: 1230.91    Previous Daily Pivot Point R2: 1236.06    Previous Daily Pivot Point R3: 1241.81

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