Gold Technical Analysis: Stuck in a rising broadening wedge

• Gold has charted a rising broadening wedge on the hourly chart. More importantly, the 100-hour moving average (MA) has met the wedge support of $1,203,50.
• Acceptance below that level would signal a continuation of the sell-off from the recent high of $1,214.30 and would shift risk in favor of a drop to rising trendline, currently located at $1,198. A violation there would confirm the corrective rally from the recent low of $1,160 has ended. 
• Meanwhile, $1,209 is the level to beat for the bulls. 

Hourly Chart

Current Price: $1,205

Daily High: $1,207.90

Daily Low: $1,204.63

Trend: Bearish $1,203.50

Resistance

R1: $1,208 (wedge hurdle) 

R2: $1,214.30 (Aug. 28 high)

R3: $1,223.6 (50-day MA)

Support

S1: $1,203.50 (wedge support)

S2: $1,200 (psychological level)

S3: $1,198 (rising trendline support)

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