Gold – Minor rising channel established on hourly chart
Resistance - $1223, $1230, $1246
Support - $1210 , $1200, $1191
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.
