GOLD - n/t focus is turning lower after repeated rejection above daily Tenkan-sen; congestion floor at $1165 under pressure

Slobodan Drvenica Windsor Brokers

Gold

Near-term focus is turning lower repeated upside rejection above daily Tenkan-sen that so far capped recovery attempts from fresh low at $1057.
Tenkan-sen is turning south and maintaining pressure, however, price action is still holding within three-day congestion, floor of which lies at $1165.
Bearish studies favor fresh downside attempts, however, extended consolidation cannot be ruled out.
Firm break below $1157 handle is needed to signal resumption of current wave C towards its FE138.2% at $1150.
Conversely, sustained break above Tenkan-sen line would generate initial bullish signal for fresh recovery towards next barrier at $1187 and possible extension towards upper breakpoint at $1200 zone.

Res: 1176; 1180; 1187; 1197
Sup: 1165; 1160; 1157; 1150

Interested in Gold technicals? Check out the key levels

1. R3 1186.60
2. R2 1182.64
3. R1 1176.62
PP 1172.66
1. S1 1166.64
2. S2 1162.68
3. S3 1156.66

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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