Gold Technical Analysis: Recovering from hourly descending trend-channel support

 The precious metal stalled overnight slide near a support marked by a short-term descending trend-channel formation on the 1-hourly chart. 

   •  Reviving safe-haven demand helped gain some positive traction on Wednesday, albeit resurgent USD demand capped any meaningful recovery.

   •  Technical indicators on the mentioned chart have started gaining positive momentum and thus, support prospects for some intraday up-move. 

Gold 1-hourly chart

Spot Rate: $1194.62
Daily Low: $1190.90
Trend: Bearish

Resistance
R1: $1200 (psychological round figure mark)
R2: $1203.90 (weekly high set on Monday)
R3: $1206.81 (R2 daily pivot-point)

Support
S1: $1189.66 (overnight swing low)
S2: $1186.52 (S1 daily pivot-point)
S3: $1184.10 (horizontal zone)

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