Spot Gold probed above last week’s high at $1233on extension of strong rally from $1197 that was sparked by Fed.
Gold is holding firm bullish tone in the near-term and eyeing next strong barrier at $1237 (Fibo 61.8% of $1263/$1195 pullback), break of which would generate fresh bullish signal.
Overbought slow stochastic warns of consolidation / correction ahead of $1237 barrier, with top of thick hourly cloud (spanned between $1215 and $1227), seen ideally containing dips).
Alternative scenario sees violation of strong supports at $1218/15 (daily cloud top / hourly cloud base) as bearish signal for stronger losses.
Res: 1235; 1237; 1244; 1247
Sup: 1229; 1227; 1224; 1218
Interested in XAUUSD technicals? Check out the key levels
- R3 1229.57
- R2 1229.44
- R1 1229.18
- PP 1229.05
- S1 1228.79
- S2 1228.66
- S3 1228.40
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