Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold remains bearishly aligned and favors further downside, following last Friday’s post-NFP data slump that retested key near-term support at 1208.
Subsequent quick recovery failed to sustain gains and was capped by falling 10SMA, with today’s opening few ticks below Friday’s closing price, maintaining downside pressure.
However, long-tailed Friday’s daily candle, signals downside hesitation and suggests prolonged consolidation, before renewed attack at 1208 base, which marks key near-term support.
Break below 1208 handle, will open way towards psychological 1200 support, also top of thick daily Ichimoku cloud, followed by 1197 (Fibo 38.2% of 1058/1283 upleg) and 1190 (16 Feb trough).
Initial resistance lies at 1222/23 (session / Friday’s recovery high), followed by falling 10 SMA at 1227.
Only sustained extension above 1230 (Fibo 61.8% of 1243/1208 downleg), would sideline downside threats and signal double-bottom formation.
Res: 1223; 1227; 1230; 1240
Sup: 1214; 1208; 1200; 1197
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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