Slobodan Drvenica
Windsor Brokers
Spot GOLD
Spot Gold maintains negative near-term tone and pressures session low at 1240 zone, hit on strong bearish acceleration during the Asian session. Recovery attempts during early Europe were capped by the base of thick hourly Ichimoku cloud at 1249, reinforced by hourly Kijun-sen line, which marks strong barrier.
Extended consolidation between 1240/49 range could be anticipated, before fresh attempts through 1240 and attack at next significant support at 1236 (rising daily30 SMA). Gold could accelerate towards last week’s low at 1226, on violation of 30SMA support.
Setup of daily MA’s is mixed, while daily indicators travel south and see scope for further easing. In addition, studies of 1 and 4-hour charts turned into full bearish mode, supporting the notion.
Thick hourly cloud, spanned between 1249 and 1262, offers a lot of resistance and even penetration of cloud’s base wouldn’t be enough to generate stronger bullish signal, while cloud top remains intact.
Res: 1249; 1252; 1259; 1262
Sup: 1242; 1240; 1236; 1226
Spot Gold maintains negative near-term tone and pressures session low at 1240 zone, hit on strong bearish acceleration during the Asian session. Recovery attempts during early Europe were capped by the base of thick hourly Ichimoku cloud at 1249, reinforced by hourly Kijun-sen line, which marks strong barrier.
Extended consolidation between 1240/49 range could be anticipated, before fresh attempts through 1240 and attack at next significant support at 1236 (rising daily30 SMA). Gold could accelerate towards last week’s low at 1226, on violation of 30SMA support.
Setup of daily MA’s is mixed, while daily indicators travel south and see scope for further easing. In addition, studies of 1 and 4-hour charts turned into full bearish mode, supporting the notion.
Thick hourly cloud, spanned between 1249 and 1262, offers a lot of resistance and even penetration of cloud’s base wouldn’t be enough to generate stronger bullish signal, while cloud top remains intact.
Res: 1249; 1252; 1259; 1262
Sup: 1242; 1240; 1236; 1226
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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