TipTVFinance

Gold - rebound from rising trend line, points northwards

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance- $1270, $1284, $1295-1300

support - $1260, $1253, $1247

  • Gold's rebound from rising trend line support despite bearish price RSI divergence seen on hourly chart indicates the bullish momentum is strong.
  • Prices have moved above $1263 and appear on track to test resistance at $1270. A day end closing above $1266 today would signal possible rally to $1284 levels.
  • On the other hand, an hourly closing below rising trend line (blue line on hourly) support at $1260 would also mark failure to sustain above falling trend line on daily chart and expose support at $1253-1247 levels.
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