Gold Technical Analysis: Oscillates between converging trend-lines

   •  The precious metal has been oscillating between two converging trend-line over the past 24-hours or so, forming a bearish reversing - rising wedge chart pattern on the 15-min. chart.

   •  A convincing break below the pattern support, near $1210 area, will confirm the bearish formation and indicate that the near-term recovery move might have started losing steam. 

   •  However, technical indicators on hourly and daily charts hold in positive territory and support prospects for an extension of the recent positive momentum.

   •  Hence, it would be prudent to wait for a convincing break in either direction before traders start positioning for the commodity's near-term trajectory. 

Gold 15-min. chart

Spot Rate: $1213.32
Daily High: $1214.32
Daily Low: $1208.08
Trend: Sideways/consolidative

Resistance
R1: $1214.78 (R1 daily pivot-point)
R2: $1220 (horizontal zone)
R3: $1226.40 (50-day SMA)

Support
S1: $1210.60 (pattern support)
S2: $1205.18 (S1 daily pivot-point)
S3: $1200 (psychological round figure mark)