Gold Technical Analysis: 200-hour MA is again capping downside

The 200-hour moving average (MA) line is capping gains for the fourth consecutive trading day.

While the pullback from the recent highs above $1,345 seems to have run out of steam at the key moving average support, a break above $1,333 is needed to confirm a bullish reversal. 

At press time, gold is trading at $1,328 and the 200-hour MA line is located at $1,326. 

Hourly chart

Trend: Bullish above $1,333