Spot Gold – limited correction seen ahead of fresh extension lower; 200SMA marks next target
|GOLD
Spot Gold corrects Monday’s strong fall which found footstep at $1243, with recovery attempts being so far capped by 100SMA ($1247).
Strongly oversold slow stochastic on daily chart warns of further correction, but no firmer bullish signal seen so far.
Extended upticks would face another barrier at $1252 (Fibo 61.8% of $1257/$1243 / falling hourly cloud base) which should ideally cap before larger bears resume.
Repeated close below $1245 (Fibo 61.8% of $1214/$1296 rally) is needed to signal bearish continuation through $1243 towards next strong support at $1238 (200SMA).
Res: 1247; 1252; 1255; 1257
Sup: 1245; 1243; 1238; 1233
Interested in GOLD technicals? Check out the key levels
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