Spot Gold is probing above key $1265 barrier (Fibo 61.8% of $1295/$1214/multiple upside rejections/weekly cloud top) on fresh bullish recovery on Friday, in attempt to finally break above $1245/$1265 congestion that extends into seventh straight day.
Strong bullish setup of daily MA’s is supportive for further advance, as 55SMA contained recent dips at $1247, guarding key support at $1245 (daily cloud base) and rising 10SMA that formed bull-cross with 55SMA, continues to underpin the action.
Fresh weakness of the dollar kept gold price on the front foot, with sustained break and close above $1265 pivot, expected to open next targets at $1270 (late Apr lower platform) and $1276 (Fibo 76.4% retracement.
The yellow metal is on track for the third consecutive bullish weekly close that supports scenario.
Broke daily cloud top at $1258 now acts as initial support ahead of rising 10SMA/daily Kijun-sen at $1251.
Res: 1267, 1270, 1276, 1280
Sup: 1262, 1258, 1253, 1251
