Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold remains bullishly aligned and probes above the upper boundary of hourly triangle at 1272, formed on near-term consolidation off 1279 (last Friday’s fresh high).
Near-term action remains underpinned by rising daily 5SMA, with fresh bullish signal being generated on yesterday’s positive close.
Strong support zone lies at 1.1263/60, formed by hourly Ichimoku cloud top and rising 5SMA, which is expected to keep the downside protected, on corrective dips, signaled by overbought daily Slow Stochastic.
Extended wave C, from 1201(22 Feb trough), is looking for break above initial 1279 barrier, for test of its 138.2% and 161.8% expansion levels at 1282/89 respectively.
Alternative scenario sees extension below 1260/56 supports (5SMA / yesterday’s low, to trigger deeper pullback towards Friday’s post-data low at 1250.
Res: 1279; 1282; 1285; 1289
Sup: 1267; 1263; 1260; 1256
Spot Gold remains bullishly aligned and probes above the upper boundary of hourly triangle at 1272, formed on near-term consolidation off 1279 (last Friday’s fresh high).
Near-term action remains underpinned by rising daily 5SMA, with fresh bullish signal being generated on yesterday’s positive close.
Strong support zone lies at 1.1263/60, formed by hourly Ichimoku cloud top and rising 5SMA, which is expected to keep the downside protected, on corrective dips, signaled by overbought daily Slow Stochastic.
Extended wave C, from 1201(22 Feb trough), is looking for break above initial 1279 barrier, for test of its 138.2% and 161.8% expansion levels at 1282/89 respectively.
Alternative scenario sees extension below 1260/56 supports (5SMA / yesterday’s low, to trigger deeper pullback towards Friday’s post-data low at 1250.
Res: 1279; 1282; 1285; 1289
Sup: 1267; 1263; 1260; 1256
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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