Spot Gold – bulls are looking for next strong barrier at $1237; thick hourly cloud underpins

GOLD

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

GOLD

 

Interested in XAUUSD technicals? Check out the key levels

    1. R3 1229.57
    2. R2 1229.44
    3. R1 1229.18
  1. PP 1229.05
    1. S1 1228.79
    2. S2 1228.66
    3. S3 1228.40

 

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.