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Gold Technical Analysis: trapped in an expanding falling channel in the hourly chart

Gold is currently trading in a sideways manner within an expanding falling channel, as seen in the chart below.

Hourly chart

  • The relative strength index (RSI) has dived out of the ascending trendline. So, the metal could take out the lower edge of the minor sideways channel, currently at $1,312.  That would open up downside toward $1,308-$1,305.
  • A break above the falling channel hurdle at $1,316 would imply an end of the corrective pullback and could yield a rally to levels above $1,320.

Trend: bearish below $1,312

XAU/USD

Overview:
    Today Last Price: 1313.5
    Today Daily change: -1.76 pips
    Today Daily change %: -0.13%
    Today Daily Open: 1315.26
Trends:
    Daily SMA20: 1296.91
    Daily SMA50: 1272.58
    Daily SMA100: 1245.75
    Daily SMA200: 1230.24
Levels:
    Previous Daily High: 1316.85
    Previous Daily Low: 1310.1
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1314.27
    Daily Fibonacci 61.8%: 1312.68
    Daily Pivot Point S1: 1311.29
    Daily Pivot Point S2: 1307.32
    Daily Pivot Point S3: 1304.54
    Daily Pivot Point R1: 1318.04
    Daily Pivot Point R2: 1320.82
    Daily Pivot Point R3: 1324.79

 

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