Spot Gold broke into daily cloud and may extend rally to Fibo 61.8% barrier at $1261

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold remains firm on Monday and extends gains to fresh one-month high at $1257, just tick ahead of $1258 target (23 June high), after bulls penetrated daily cloud (cloud base lies at $1255).

Rally may extend towards $1261 (Fibo 61.8% of $1296/$1204 descend) which marks next target and strong barrier.

Gold price has been in steep bull-channel from $1204 low in past two weeks, with consolidative / corrective action anticipated in the near-term on strongly overbought slow stochastic on daily chart.

Lack of firmer bearish signal keeps bulls in play for now.

Session low at $1251 marks initial support, with converged 55/100SMA’s in attempt to form bull-cross at $1247 reinforced by weekly cloud top), offering solid support, which is expected to contain extended dips.

Res: 1258; 1261; 1265; 1270
Sup: 1255; 1251; 1247; 1243

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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