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Gold – Minor rising channel established on hourly chart

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1223, $1230, $1246

Support - $1210 , $1200, $1191

  • Gold bullish price RSI divergence on the hourly chart and a subsequent rise in prices has led to a formation of a minor rising channel.
  • However, prices failed to chew through supply around daily 100-MA of $1220 in Asia and fell back to $1215 levels.
  • Failure at daily 100-MA followed by a break below rising channel on the hourly chart could signal further losses towards $1200 support.
  • On the higher side, resistance at $1220 could stay intact and intraday bearish invalidation is seen only if prices see a bullish break from rising channel.
PabloV
6 months ago
Yes, that minichannel is impeding make a real decision in terms of long or short, well explained, thanks !
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