Spot GOLD met target at $1255; eyes 200SMA at $1261
|GOLD
Spot Gold hit its next target at $1255 (Fibo 61.8% of $1337/$1122 downleg) on extension of yesterday's bullish acceleration from $1235 (rising 10SMA).
Further upside is favored as the yellow metal is currently riding on wave C of five-wave cycle from $1216 (15 Feb low) that eyes $1263 (FE 138.2%) initially and could stretch towards $1269/73 (FE 161.8%/174.6% respectively).
Strong barrier lies on the way (200 SMA at $1261), with break here needed to signal further bullish acceleration.
Former target at $1248 and tops at $1244 now act as supports, guarding rising 10SMA (currently at $1239) which is expected to contain extended corrective dips.
Res: 1255; 1261; 1263; 1269
Sup: 1248; 1244; 1239; 1235
Interested in Gold technicals? Check out the key levels
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