Spot GOLD met target at $1255; eyes 200SMA at $1261

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold hit its next target at $1255 (Fibo 61.8% of $1337/$1122 downleg) on extension of yesterday's bullish acceleration from $1235 (rising 10SMA).
Further upside is favored as the yellow metal is currently riding on wave C of five-wave cycle from $1216 (15 Feb low) that eyes $1263 (FE 138.2%) initially and could stretch towards $1269/73 (FE 161.8%/174.6% respectively).
Strong barrier lies on the way (200 SMA at $1261), with break here needed to signal further bullish acceleration.
Former target at $1248 and tops at $1244 now act as supports, guarding rising 10SMA (currently at $1239) which is expected to contain extended corrective dips.

Res: 1255; 1261; 1263; 1269
Sup: 1248; 1244; 1239; 1235

Interested in Gold technicals? Check out the key levels

1. R3 1254.33
2. R2 1246.59
3. R1 1240.89
PP 1233.15
1. S1 1227.45
2. S2 1219.71
3. S3 1214.01

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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