Spot Gold is holding positive tone and probing again above cracked $1233 barrier (Fibo 23.6% of $1295/$1214 downleg), following Monday’s recovery stall at $1237 and subsequent pullback.
The price may extend recovery on sustained break above $1233 pivot towards key near-term barriers at $1245 (daily cloud top / Fibo 38.2% retracement, reinforced by 55SMA), $1247 (200SMA) and $1248 (20SMA).
Bounce from $1214 low is seen as correction and should be ideally capped under these barriers, before broader bears retake control.
Alternative scenario sees break above $1245/48 pivots as strong bullish signal for fresh recovery that may extend towards $1250/54 targets.
Res: 1237, 1245, 1247, 1248
Sup: 1230, 1226, 1216, 1214
