Slobodan Drvenica
Windsor Brokers
Spot Gold is at the back foot in the near-term and pressures strong support at $1230 (daily Ichimoku cloud top).
Yesterday’s upside rejection at $1238 and subsequent weakness, formed asymmetric H&S pattern on hourly chart that signals further easing.
Below $1230, next strong support lies at $1227 (Fibo 61.8% of $1216/$1244 upleg) which is expected to contain two-legged pullback from $1244 and keep alive hopes of renewed attempts at $1244 barriers.
Loss of $1227 support would risk fresh weakness towards $1221 (rising 20SMA) and unmask key near-term support at $1216 (15 Feb correction low).
Break here is needed to confirm double-top pattern for more significant bearish acceleration.
Res: 1238; 1244; 1248; 1255
Sup: 1230; 1227; 1221; 1216
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