Gold has been trending higher. However, what do the technical indicators on the hourly charts show? Read on as this 22 August XAUUSD Price Technical Analysis summarizes findings.
22 August, OctaFX –The precious metal has been trending higher alongside an ascending trend-line over the past one week or so, though the up-move now seemed to have paused.
22 August XAUUSD Price Technical Analysis
Technical indicators on hourly charts maintain positive bias but have struggled to pick up the pace on daily chart, failing to support the positive momentum.
Hence, it would be prudent to wait for a sustained move beyond the $1200 psychological mark before positioning for any further near-term recovery for the commodity.
Gold 1-hourly chart
Spot Rate: $1197.37
Daily Low: $1192.60
Trend: Bullish above $1200 mark
R1: $1200.22 (20-day SMA)
R2: $1206.60 (horizontal zone)
R3: $1209.15 (R3 daily pivot-point)
S1: $1192.60 (current day swing low)
S2: $1186.08 (100-period SMA H1)
S3: $1180.05 (S3 daily pivot-point)
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