Gold Technical Analysis: Breaks through descending trend-channel hurdle, now eyeing 200-hour SMA

London (Feb 8)  The precious metal reversed an early dip and jumped to fresh session tops in the last hour, turning higher for the second straight session.

   •  The positive momentum has been strong enough to lift the commodity beyond a descending trend-channel formation on the 1-hourly chart.

   •  Technical indicators on mentioned charts have just started gaining traction and support prospects for an extension of the goodish intraday up-move.

   •  A follow-through strength beyond 200-hour will add credence to the near-term bullish breakout and pave the way for a further appreciating move.

FXstreet

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