With the 20day SMA (currently placed at $1133/35) acting as a strong support, the yellow metal continued to slide in the previous session and ended at $1122.40, following a low at $1118.40. On the daily chart, MACD and RSI are trading above their midlines, hinting at the presence of bullish momentum in the coming session. Formation of a bullish harami candlestick pattern on the 2H chart recently, the precious metal has continued to trade higher coupled with the MACD and RSI pointing north, suggests positivity in the near term. 4H & 8H RSI and stochastic are also trading with a bullish bias, further endorsing the above view. Crucial intraday resistance is situated at the $1138/40 level, followed by the $1143/45 level and $1156/69 zone. The ability to capture the latter on a daily closing basis might turn the main trend to bullish. On the other hand, important intraday support is located at the $1116/10 level, followed by the $1101/1095 and $1080/76 levels.
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