Gold technical analysis: Bounces off 23.6% Fibo. towards $1436.50/37 supply zone

Short-term ascending trend-lines add support below 23.6% Fibonacci retracement for Gold.
$1,436.50/37 will validate the strength of the latest pullback.

Anil Panchal FXStreet

Gold is again being bought as it reverses from 23.6% Fibonacci retracement of June-July advances to $1,427 by early Monday.

The yellow metal now runs towards $1,436.50/37 horizontal resistance comprising early-month tops, a break of which can propel the quote towards the recent high of $1,452.70. During the bullion’s sustained rise past-$1,452.80, late-April 2013 high close to $1,490 should be on the bulls’ watch-list.

If prices slip back below 23.6% Fibonacci retracement level of 1,421, near-term support-lines around $1,408 and $1,391 could play their roles to limit the declines.

Given the sellers’ dominance beneath $1,391, $1380/78 should be watched closely as it holds the key to $1,350 rest-point.

Gold 4-hour chart

Trend: Bullish

1. R3 1477.39
2. R2 1465.05
3. R1 1445.35
PP 1433.01
1. S1 1413.31
2. S2 1400.97
3. S3 1381.27

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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