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Technical Outlook: Spot Gold Pressures 200SMA Support And May Extend Pullback Towards $1240

Spot Gold is holding near fresh three-week low at $1253, posted after Monday’s strong fall, driven by stronger dollar that eventually broke below near-term $1260/$1270 congestion, signaling extension of pullback from $1295 (17 Apr high).

Fresh bears broke below pivot at $1258 (Fibo 38.2% of $1197/$1295) and now pressuring another strong support at $1252 (200SMA).

Close below $1253/52 pivots is needed to signal further downside which may extend through rising 55SMA towards targets at $1240/36 (bull-trendline connecting $1122/97 lows / daily cloud top).

The price may hold in near-term consolidation above 200SMA on oversold daily slow stochastic, with former congestion floor at $1260 offering solid resistance and extended upticks to stay capped under 10/20SMA bear-cross that is forming at $1269.

Res: 1260, 1264, 1269, 1271
Sup: 1252, 1247, 1240, 1236

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