Gold – bulls may extend towards $1230 after strong $1204/11 barriers were taken out
|Yesterday’s strong rally met next target at $1219 (Fibo 38.2% of larger $1375/$1122 descend) after previous resistance at $1204 (Fibo 38.2% of $1337/$1122 was taken out and fresh bullish acceleration penetrated into daily and weekly clouds, bases of which lay at $1211.
Bull cycle from $1122 low could extend further, as daily technicals remain in strong bullish setup.
Next barrier lies at $1230 (50% retracement of $1337/$1122), followed by falling 100SMA at $1138.
Today’s price action is consolidating under fresh high at $1219, with daily cloud base now acting as initial support and holding for now.
Extended dips are allowed towards $1204 (broken Fibo barrier / rising 5SMA) and only firm break here would sideline immediate bulls for deeper pullback that would expose pivot at $1194 (rising daily Tenkan-sen).
Res: 1219; 1230; 1233; 1238
Sup: 1209; 1204; 1194; 1187
Interested in GOLD technicals? Check out the key levels
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