Spot Gold bounces but downside to remain at risk while daily Kijun-sen caps


Spot Gold emerged above daily cloud and bounced to $1254 barrier (daily Kijun-sen) after Thursday's $20 pullback from fresh over two weeks high at $1265 was contained at $1245. The support is formed by broken Fibo 38.2% of $1295/$1214 and converged 200/20 and 30 SMA's. Break and close above Kijun-sen pivot would re-attract Thursday's high at $1265. Otherwise, $1245 support is expected to remain vulnerable, as bearish signals are generated on reversal of slow stochastic and double bear-cross (20/200SMA and 20/30 SMA). Sustained break below $1245 pivot would risk attack at $1240 (daily cloud base/Tenkan-sen) and $1233 (Fibo 61.8% of $1214/$1265 rally) in extension.

Res: 1254; 1261; 1265; 1270
Sup: 1249; 1245; 1240; 1233



Interested in Gold technicals? Check out the key levels

    1. R3 1279.55
    2. R2 1272.28
    3. R1 1259.64
  1. PP 1252.37
    1. S1 1239.73
    2. S2 1232.46
    3. S3 1219.82


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