Slobodan Drvenica
Windsor Brokers
Spot Gold hit new nearly three-week high at $1357 on Thursday, in extension of strong rally previous day when gold price advanced over 1.5%.
Significantly weaker dollar which returned to broader downtrend after being initially boosted by upbeat US CPI data, boosted the yellow metal’s price which is now on track to fully retrace $1366/$1307 corrective phase.
Wednesday’s strong bullish acceleration brought daily techs back to full bullish setup which are expected to support price for final push towards $1366 target (25 Jan high, the highest since July 2016).
However, overbought conditions warn that bulls may lose traction ahead of $1366 target and enter consolidative phase before continuing.
Broken Fibo 61.8% barrier marks solid support at $1343, guarding 20SMA ($1336).
Res: 1357; 1362; 1366; 1375
Sup: 1349; 1343; 1336; 1333
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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