Spot Gold stay in red on Friday and retested support at $1239 (Thursday’s low/weekly cloud top), remaining under pressure after better than expected US Q1 GDP data on Thursday reinforced expectations for further US rate hike this year. However, hawkish comments from other central banks (ECB/BoE/RBA) so far limited dollar’s advance and kept gold price above key support at $1236 (26 June low/200SMA). Technical studies are bearishly aligned and maintain downside pressure as the price remains under daily cloud and keeps near-term bias with bears. Spot Gold is on track for strong bearish weekly close which adds on existing pressure for renewed attack at $1236 pivot and bearish extension towards next strong support at $1230 (Fibo 38.2% of $1122/$1296 ascend).
Res: 1246; 1249; 1254; 1256
Sup: 1239; 1236; 1230; 1227