Gold Technical Analysis: Friday’s goodish rebound stalls near an important support-turned-resistance

   •  Friday's goodish recovery move from 61.8% Fibonacci retracement level of the $1160-$1210 recent up-move stalled near an important confluence support break-point turned resistance.

   •  The mentioned hurdle comprises of 38.2% Fibonacci retracement level and a short-term ascending trend-line, a part of a symmetrical triangular formation on short-term charts.

   •  Given that it remains well below important intraday moving averages - 50, 100 & 200-period SMAs, a convincing break below Friday's swing low will reinforce last week's bearish breakdown.

Gold 4-hourly chart

Spot Rate: $1186.94
Daily High: $1192.41
Trend: Bearish

Resistance
R1: $1192.41 (current day swing high)
R2: $1198.30 (horizontal zone)
R3: $1201.00 (23.6% Fib. level)

Support
S1: $1180.67 (Friday's swing low)
S2: $1174.06 (recent daily closing low)
S3: $1160.19 (near 20-month low set on August 16)