Spot gold continues to shine and accelerates higher in early US session on Thursday after the consolidation under new multi-year high ($1818) found footstep above $1800 level which now acts as strong support.

Wednesday’s break and close above significant $1795/$1802  resistance zone (former highs / psychological level) generated strong bullish signal, which  will require weekly close above $1800 mark for confirmation.

Bulls eye initial target at $1823 (Fibo 161.8% projection of the upleg from $1670) and could extend towards $1837 (176.4% projection) and $1850 (round-figure), however, weakening bullish momentum and overbought stochastic on daily chart, warn of extended consolidation before bulls resume.

Extended dips should be contained above $1789 (1 July former high / rising daily Tenkan-sen) to keep bulls intact.

Res: 1815; 1818; 1823; 1837
Sup: 1804; 1800; 1795; 1789

fxsoriginal

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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