Gold Technical Analysis: Set-up points to additional intraday gains

  Reviving safe-haven demand helped the precious metal to quickly reverse an early dip to sub-$1200 level and regain positive traction to recover previous session's downtick. 

   •  The momentum assisted the commodity to breakthrough a short-term descending trend-line hurdle, forming a part of a bullish falling wedge chart pattern on the 1-hourly chart.

   •  Technical indicators on the mentioned chart have also started gaining positive momentum and reinforce a bullish breakout, supporting prospects for additional intraday gains.

Gold 1-hourly chart

Spot Rate: $1207.52
Daily Low: $1198.61
Intraday Trend: Bullish

Resistance
R1: $1214.32 (over 2-week tops set on Tuesday)
R2: $1218.47 (R3 daily pivot-point)
R3: $1222.34 (50-day SMA)

Support
S1: $1203.50 (wedge resistance break-point)
S2: $1200 (psychological round figure mark)
S3: $1194.47 (S1 daily pivot-point)

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