GOLD is trading within narrow consolidation; overall bears keep focus at the downside

Slobodan Drvenica Windsor Brokers

Gold

Gold remains directionless for the second day and consolidating within narrow range above fresh low at $1157 (the lowest since early Feb).
Consolidation remains capped under $1177 barrier (daily Tenkan-sen) which guards the first pivot at $1187 (05 Dec high).
The price may extend consolidation, as bears on daily chart are oversold, with extended upticks to be capped under strong $1200 resistance (Fibo 23.6% of $1337/$1157 descend, reinforced by falling 20SMA).
Only sustained break above $1200 trigger would sideline broader bears and signal correction.

Res: 1177; 1180; 1187; 1197
Sup: 1165; 1160; 1157; 1150

Interested in Gold technicals? Check out the key levels

1. R3 1183.70
2. R2 1179.50
3. R1 1174.50
PP 1170.30
1. S1 1165.30
2. S2 1161.10
3. S3 1156.10

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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