Spot Gold – strong barrier at $1239 holds bulls for now

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold holds firm tone on Tuesday and extends rally into third straight day. Fresh extension of the third wave of five-wave cycle from $1204 (10 July low), broke above its FE100% at $1236 and touched strong resistances at $1239 (double Fibonacci resistance, 38.2% of $1296/$1204 descend and 61.8% of $1258/$1204 bear-leg).
The price may show hesitation here and enter narrow consolidation, ahead of fresh attempts higher. Sustained break above $1239 pivot would open way towards $1246/47 (55 / 100SMA) which formed bear-cross and provide downside pressure.
On the downside, broken 20SMA offers initial support at $1233 (also session low), followed by broken 200SMA / hourly cloud top ($1230), which is expected to contain dips and keep near-term bulls in play.
Res: 1239; 1242; 1244; 1246
Sup: 1233; 1230; 1225; 1221

Interested in Gold technicals? Check out the key levels

1. R3 1245.53
2. R2 1240.81
3. R1 1237.41
PP 1232.69
1. S1 1229.29
2. S2 1224.57
3. S3 1221.17

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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