Spot Gold – limited correction seen ahead of fresh extension lower; 200SMA marks next target

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold corrects Monday’s strong fall which found footstep at $1243, with recovery attempts being so far capped by 100SMA ($1247).
Strongly oversold slow stochastic on daily chart warns of further correction, but no firmer bullish signal seen so far.
Extended upticks would face another barrier at $1252 (Fibo 61.8% of $1257/$1243 / falling hourly cloud base) which should ideally cap before larger bears resume.
Repeated close below $1245 (Fibo 61.8% of $1214/$1296 rally) is needed to signal bearish continuation through $1243 towards next strong support at $1238 (200SMA).

Res: 1247; 1252; 1255; 1257
Sup: 1245; 1243; 1238; 1233

Interested in GOLD technicals? Check out the key levels

1. R3 1265.10
2. R2 1260.38
3. R1 1251.64
PP 1246.92
1. S1 1238.18
2. S2 1233.46
3. S3 1224.72

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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