Spot Gold – bulls are looking for next strong barrier at $1237; thick hourly cloud underpins
|GOLD
Spot Gold probed above last week’s high at $1233on extension of strong rally from $1197 that was sparked by Fed.
Gold is holding firm bullish tone in the near-term and eyeing next strong barrier at $1237 (Fibo 61.8% of $1263/$1195 pullback), break of which would generate fresh bullish signal.
Overbought slow stochastic warns of consolidation / correction ahead of $1237 barrier, with top of thick hourly cloud (spanned between $1215 and $1227), seen ideally containing dips).
Alternative scenario sees violation of strong supports at $1218/15 (daily cloud top / hourly cloud base) as bearish signal for stronger losses.
Res: 1235; 1237; 1244; 1247
Sup: 1229; 1227; 1224; 1218
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