HomeContributorsTechnical AnalysisSPOT GOLD – Consolidation May Precede Bearish Continuation Towards $1215/00 Targets

SPOT GOLD – Consolidation May Precede Bearish Continuation Towards $1215/00 Targets

Spot Gold fell to new one-year low at $1221 on Wednesday, in extension of previous day’s strong bearish acceleration after hawkish Fed boosted dollar.

Bears generated fresh signals on break below $1236 (Former trough of 12 Dec) and $1234 (weekly 200SMA) for test of next pivotal support at $1215 (Fibo 61.8% of $1122/$1366 uptrend).

Oversold daily studies warn of corrective action in coming sessions, but so far without firmer signal.

Falling 10SMA ($1244) should limit upticks to keep broader bears intact.

Res: 1229; 1237; 1244; 1252
Sup: 1221; 1215; 1204; 1200

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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