Gold consolidates under daily cloud top, focus remains shifted up

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold consolidates strong recovery rally from higher base at 1300 zone that peaked at 1343 on Thursday, capped by daily Ichimoku cloud top. Consolidation holds for now within narrow range (1333/1343), as gold is on track for strong bullish weekly close and overall strong bullish sentiment keeps focus at the upside. Firm break above daily cloud top is needed to open way towards key short-term barrier at 1352 (07 Sep peak). Long bullish candle that was formed on Wednesday supports the notion.

Initial support lies at 1329 (Fibo 38.2% of 1306/1343 rally), followed by daily Kijun-sen at 1327 and extended dips to be contained above 1324 (daily Tenkan-sen/50% retracement).

Res: 1337; 1341; 1343; 1352

Sup: 1331; 1329; 1324; 1320

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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