Spot Gold probes above multi-day congestion tops at $1265

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold is probing above key $1265 barrier (Fibo 61.8% of $1295/$1214/multiple upside rejections/weekly cloud top) on fresh bullish recovery on Friday, in attempt to finally break above $1245/$1265 congestion that extends into seventh straight day.
Strong bullish setup of daily MA's is supportive for further advance, as 55SMA contained recent dips at $1247, guarding key support at $1245 (daily cloud base) and rising 10SMA that formed bull-cross with 55SMA, continues to underpin the action.
Fresh weakness of the dollar kept gold price on the front foot, with sustained break and close above $1265 pivot, expected to open next targets at $1270 (late Apr lower platform) and $1276 (Fibo 76.4% retracement.
The yellow metal is on track for the third consecutive bullish weekly close that supports scenario.
Broke daily cloud top at $1258 now acts as initial support ahead of rising 10SMA/daily Kijun-sen at $1251.

Res: 1267; 1270; 1276; 1280
Sup: 1262; 1258; 1253; 1251

Interested in Gold technicals? Check out the key levels

1. R3 1265.37
2. R2 1262.51
3. R1 1258.71
PP 1255.85
1. S1 1252.05
2. S2 1249.19
3. S3 1245.39

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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