Spot gold rebounds on Monday and heads towards the upper boundary of near-term congestion. Friday’s action ended in inverted hammer candle and remained above rising 10SMA which continues to underpin. Overall structure remains bullish but near-term outlook is neutral while the price holds within $1298/76 congestion. Current action could be seen as consolidation before final push through psychological $1300 barrier and extension towards targets at $1309/16 (14 June lower high / Fibo 76.4% of $1365/$1160 fall). The scenario is expected to stay alive while 10SMA holds, while break below would generate initial bearish signal and risk deeper pullback on extension below $1276/73 (range floor / rising 20SMA).
Res: 1298; 1300; 1309; 1316
Sup: 1290; 1287; 1282; 1276