GOLD
Spot gold corrects two-day recovery from 1117, where near-term higher base was formed. Corrective rally stalled at 1140 on Friday, short of next target at 1143, 50% retracement of 1169/1117, 24/26 Aug downleg. Subsequent easing cracked initial support at 1129, daily Ichimoku cloud base / 50% retracement of 1117/1140 rally, increasing risk of further retracement and test of next support at 1126, Fibonacci 61.8% retracement.
Near-term studies are weak and maintain risk of further easing, however, overall structure remains positive and is expected to keep upside in focus for renewed attempts higher, while ascending daily 20SMA, currently at 1120, holds.
Rising daily 10SMA that formed bullish 10/55SMA’s cross at 1136, marks initial resistance, with renewed strength through here and violation of 1140 high, to re-open1143 target and signal resumption of the upleg from 1117, 26/27 lows and hourly double-bottom.
Res: 1136; 1140; 1143; 1150
Sup: 1126; 1123; 1120; 1117
Spot gold corrects two-day recovery from 1117, where near-term higher base was formed. Corrective rally stalled at 1140 on Friday, short of next target at 1143, 50% retracement of 1169/1117, 24/26 Aug downleg. Subsequent easing cracked initial support at 1129, daily Ichimoku cloud base / 50% retracement of 1117/1140 rally, increasing risk of further retracement and test of next support at 1126, Fibonacci 61.8% retracement.
Near-term studies are weak and maintain risk of further easing, however, overall structure remains positive and is expected to keep upside in focus for renewed attempts higher, while ascending daily 20SMA, currently at 1120, holds.
Rising daily 10SMA that formed bullish 10/55SMA’s cross at 1136, marks initial resistance, with renewed strength through here and violation of 1140 high, to re-open1143 target and signal resumption of the upleg from 1117, 26/27 lows and hourly double-bottom.
Res: 1136; 1140; 1143; 1150
Sup: 1126; 1123; 1120; 1117
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