Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold remains well supported and posts fresh 3-week high on extension of yesterday’s almost $20 strong rally. Yesterday’s close above 1254 (Fibo 61.8% of 1283/1208 pullback), generated bullish signal for further gains, as gold is boosted by strong safe-haven demand.
Daily MA’s turned into full bullish setup, as rising daily Ichimoku cloud continues to underpin ascend, which emerged from 1208, where daily double-bottom was formed.
Gold is looking for next target at 1265 (Fibo 76.4%), with stronger bullish acceleration seen towards 1270 (17 Mar lower top) and full retracement of 1283/1208 downleg, being on the table.
Rally could be interrupted by corrective action, as daily Slow Stochastic is overbought, with immediate support at1255, followed by 1252 (hourly higher base) and1245 (broken daily Kijun-sen / Fibo 38.2% of 1216/1262 upleg), which is expected to ideally contain dips.
Res: 1265; 1270; 1283; 1290
Sup: 1255; 1252; 1245; 1239
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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