Gold price has rebounded after testing the lower portion of the Rising Channel chart pattern formed on a four-hour scale. The upper portion of the aforementioned chart pattern is plotted from November 15 high of around $1,786.55 while the lower portion is placed from November 29 low around $1,740.00. The 100-period Exponential Moving Average (EMA) at around $1,791.00 has acted as a major support for the Gold price.
Meanwhile, the Relative Strength Index (RSI) (14) has picked strength after dropping to near 40.00, which indicates that the downside is restricted.
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