Gold Technical Analysis: Bullish flag breakout support prospects for further near-term up-move

Haresh Menghani FXStreet

• The commodity's intraday corrective slide, alongside a descending trend-channel, stalled near the $1233 region, with bulls now eyeing a follow-through up-move beyond $1240 level.

• The mentioned channel, against the backdrop of the recent rally since late-Nov., constituted towards the formation of a bullish continuation - flag chart pattern on the 1-hourly chart.

• The fact that the precious metal is holding above intraday important moving averages - 50, 100 & 200-hour SMAs, the set-up support prospects for further near-term up-move.

• Meanwhile, technical indicators have been losing traction but are yet to fall into bearish territory and considering the lag effect, seem unlikely to dampen the constructive outlook.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1238.2
    Today Daily change: 9.0 pips
    Today Daily change %: 0.00727%
    Today Daily Open: 1238.11
Trends:
    Previous Daily SMA20: 1218.99
    Previous Daily SMA50: 1221.7
    Previous Daily SMA100: 1209.9
    Previous Daily SMA200: 1233.72
Levels:
    Previous Daily High: 1241.9
    Previous Daily Low: 1230.6
    Previous Weekly High: 1231.8
    Previous Weekly Low: 1211.2
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1237.58
    Previous Daily Fibonacci 61.8%: 1234.91
    Previous Daily Pivot Point S1: 1231.84
    Previous Daily Pivot Point S2: 1225.56
    Previous Daily Pivot Point S3: 1220.53
    Previous Daily Pivot Point R1: 1243.14
    Previous Daily Pivot Point R2: 1248.17
    Previous Daily Pivot Point R3: 1254.45

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD gains traction to near 1.1800 as tariff uncertainty weighs on US Dollar

The EUR/USD pair holds positive ground around 1.1795 during the early Asian session on Tuesday. The US Dollar weakens against the Euro amid US tariff uncertainty. The release of the US January Producer Price Index report will be in the spotlight later on Friday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold down but not out as key $5,140 support holds

Gold consolidates the advance to monthly top of $5,250 in Tuesday’s Asian trades. The US Dollar finds demand as liquidity returns and risk sentiment recovers, despite US tariffs uncertainty. Gold defends 61.8% Fibo resistance at $5,142 amid the pullback, daily RSI remains bullish.

Top Crypto Losers: BCH, HYPE, PUMP extend losses as Bitcoin drops below $64,000

Altcoins, including Bitcoin Cash, Hyperliquid, and Pump.fun, are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.