Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold remains steady and holding under fresh recovery high at $1276, posted on Tuesday. Long bullish daily candle that was formed after yesterday’s rally and probe above near-term congestion tops, generated bullish signal for further recovery. The notion is supported by daily 10 / 20 SMA’s that turned into bullish setup and return above 200SMA.
Gold is eyeing strong barrier at $1280 (Fibo 38.2% of $1343/$1241 descend), break of which may trigger fresh bullish extension towards next strong barrier at $1292 (double Fibonacci resistance – 38.2% of $1375/$1241 descend and 50% of $1343/$1241 downleg).
However, risk of recovery stall remains in play, as gold is currently riding on the fourth (corrective wave of five wave cycle from $1352) which should ideally end at $1278, according to wave theory.
Return below higher base at $1260 (reinforced by daily Tenkan-sen line) is needed to confirm such scenario).
Res: 1276; 1280; 1287; 1292
Sup: 1269; 1266; 1260; 1256
Interested in Gold technicals? Check out the key levels
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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