Slobodan Drvenica
Windsor Brokers
Bulls accelerated on Friday to new 4-month high on broadly weaker dollar, signaling continuation of larger uptrend from $1236 (12 Dec low).
Fresh bullish acceleration took out barrier at $1328 (Fibo 76.4% of $1357/$1236), eyeing barriers at $1334 (13/15 Sep highs) and $1340 (11 Sep high) which marks the last obstacle on the way towards key barrier at $1357 (08 Sep peak, the highest since mid-2016).
Bullish techs and sentiment underpin the advance, with the yellow metal being on track for the fifth straight bullish weekly close.
Fresh direction signals are expected from US CPI / retail sales data today.
However, corrective action cannot be ruled out on overbought daily RSI and profit-taking at the end of the week.
Rising 10SMA tracks the advance since mid-Dec and marks support at $1317, which should ideally hold dips and guard key near-term support at $1308 (10 Jan correction low).
Res: 1332; 1334; 1340; 1357
Sup: 1327; 1321; 1317; 1308
Interested in XAYYSD technicals? Check out the key levels
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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