Gold Technical Analysis: Prepped for re-test of $1,200

• Gold's hourly chart shows a falling wedge reversal, which indicates the metal's pullback from the high of $1,201 has ended and the corrective rally from the recent low of $1,160 has resumed.
• So, prices look set to re-test the psychological hurdle of $1,200.
• However, there is merit in being cautious as the 50-hour MA is about to cross the 100-hour MA from above (bear cross). So, prices could face stiff resistance around $1,192 (a level where the 50-hour MA is about to meet the 100-hour MA).

Hourly chart

Current Price: $1,188

Daily High: $1,289

Daily Low: $1,183

Trend: Cautiously bullish

Resistance

R1: $1,191.50 (50-hour MA + 100-hour MA)

R2: $1,201 (Aug. 22 high)

R3: $1,217 (Aug. 10 high resistance as per the 4-hour chart)

Support

S1: $1,187 (4H 50MA)

S2: $1,183 (session low)

S3: $1,160 (recent low)