Gold – bulls may extend towards $1230 after strong $1204/11 barriers were taken out

Slobodan Drvenica Windsor Brokers

Gold

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

1. R3
  
  1240.22
2. R2
  
  1229.51
3. R1
  
  1223.22
PP

1212.51
1. S1
  
  1206.22
2. S2
  
  1195.51
3. S3
  
  1189.22

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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