Remains vulnerable below a short-term descending trend-line hurdle

   •  On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs touched earlier this month.

   •  The corrective slide, however, turned out to be short-lived, with the commodity regaining positive traction on Wednesday and recovering previous session’s modest downtick.

   •  Diverging technical indicators on hourly/daily charts haven’t been supportive of the up-move and thus, the ongoing positive momentum runs the risk of quickly fizzling out at higher levels. 

   •  The technical set-up clearly suggests that bullish traders are likely to wait for a convincing breakthrough the mentioned trend-line hurdle before positioning for any further near-term up-move.

Gold 4-hourly chart


    Last Price: 1223.95
    Daily change: 2.6e+2 pips
    Daily change: 0.210%
    Daily Open: 1221.39
    Daily SMA20: 1219.09
    Daily SMA50: 1216.14
    Daily SMA100: 1206.95
    Daily SMA200: 1238.12
    Daily High: 1228.74
    Daily Low: 1219.6
    Weekly High: 1225.4
    Weekly Low: 1196
    Monthly High: 1243.43
    Monthly Low: 1182.54
    Daily Fibonacci 38.2%: 1223.09
    Daily Fibonacci 61.8%: 1225.25
    Daily Pivot Point S1: 1217.75
    Daily Pivot Point S2: 1214.1
    Daily Pivot Point S3: 1208.61
    Daily Pivot Point R1: 1226.89
    Daily Pivot Point R2: 1232.38
    Daily Pivot Point R3: 1236.03


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