Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold consolidates above fresh session low at 1208, where it met initial target of Fibo 138.2% projection of the downleg from 1270 (17 Mar lower top).
Structure of near-term technicals maintains firm bearish tone and favors further easing on completion of consolidative phase. Initial resistance lies at 1220 (Fibo 23.6% of 1259/1208 downleg), followed by hourly lower platform at 1225, also former base, below which consolidation should be ideally capped.
Fresh weakness through 1208 handle, is expected to focus psychological 1200 support and 1197 (Fibo 38.2% of larger 1058/1283 rally), which guards layers of strong supports at 1295 (daily cloud top), then 1192 (weekly cloud base / FE 138.2% of Wave C from 1270) and 1190 (trough of 16 Feb).
At the upside, pivotal barrier lies at 1228 (Fibo 38.2% of 1259/1208) and sustained break here would sideline near-term bears, in favor of stronger correction towards 1240 (former lower base and Fibo 61.8% retracement).
Res: 1220; 1225; 1228; 1240
Sup: 1208; 1200; 1197; 1195
Spot Gold consolidates above fresh session low at 1208, where it met initial target of Fibo 138.2% projection of the downleg from 1270 (17 Mar lower top).
Structure of near-term technicals maintains firm bearish tone and favors further easing on completion of consolidative phase. Initial resistance lies at 1220 (Fibo 23.6% of 1259/1208 downleg), followed by hourly lower platform at 1225, also former base, below which consolidation should be ideally capped.
Fresh weakness through 1208 handle, is expected to focus psychological 1200 support and 1197 (Fibo 38.2% of larger 1058/1283 rally), which guards layers of strong supports at 1295 (daily cloud top), then 1192 (weekly cloud base / FE 138.2% of Wave C from 1270) and 1190 (trough of 16 Feb).
At the upside, pivotal barrier lies at 1228 (Fibo 38.2% of 1259/1208) and sustained break here would sideline near-term bears, in favor of stronger correction towards 1240 (former lower base and Fibo 61.8% retracement).
Res: 1220; 1225; 1228; 1240
Sup: 1208; 1200; 1197; 1195
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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