Spot Gold holds firm tone on Tuesday and extends rally into third straight day. Fresh extension of the third wave of five-wave cycle from $1204 (10 July low), broke above its FE100% at $1236 and touched strong resistances at $1239 (double Fibonacci resistance, 38.2% of $1296/$1204 descend and 61.8% of $1258/$1204 bear-leg).
The price may show hesitation here and enter narrow consolidation, ahead of fresh attempts higher. Sustained break above $1239 pivot would open way towards $1246/47 (55 / 100SMA) which formed bear-cross and provide downside pressure.
On the downside, broken 20SMA offers initial support at $1233 (also session low), followed by broken 200SMA / hourly cloud top ($1230), which is expected to contain dips and keep near-term bulls in play.
Res: 1239, 1242, 1244, 1246
Sup: 1233, 1230, 1225, 1221
