Gold Technical Analysis: Consolidates in a range above 100-hour SMA
|• The precious metal continued with its range-bound price action through the mid-European session, albeit has managed to hold its neck above 100-period SMA.
• With technical indicators on the 1-hourly chart holding comfortably in positive territory, a follow-through up-move beyond 200-period SMA now seems to pave the way for an additional near-term recovery move.
• However, easing USD bearish pressure could turn out to be the only factor capping any meaningful up-move for the dollar-denominated commodity.
Spot rate: $1231.66
Daily High: $1235.16
Daily Low: $1228.07
Trend: Slightly bullish
Resistance
R1: $1236 (200-period SMA H1)
R2: $1241 (horizontal zone)
R3: $1245 (20-day SMA)
Support
S1: $1227 (100-period SMA H1)
S2: $1223 (horizontal zone)
S3: $1216 (Friday's swing low)
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