GOLD

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

gold

 

Interested in XAUUSD technicals? Check out the key levels

    1. R3 1234.92
    2. R2 1234.82
    3. R1 1234.60
  1. PP 1234.50
    1. S1 1234.28
    2. S2 1234.18
    3. S3 1233.96

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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