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Technical Outlook: SPOT GOLD – Bears May Extend To Fibo 38.2% Support At $1300

Spot Gold remains in red at the beginning of the week with extended weakness probing below strong supports at $1317 (bull-channel support line / Fibo 38.2% of $1251/$1357 upleg.

Fresh bears hit session low at $1312 (daily Kijun-sen) which may act as temporary footstep for near-term consolidation, signaled by oversold slow stochastic on daily chart.

Upside attempts are expected to be limited (broken 20SMA at $1319 to ideally cap) before bears resume.

Close below bull-channel support line will initial bearish signal, while close below daily Kijun-sen is needed to confirm bearish continuation, which could extend to $1300 (Fibo 38.2% of $1204/$1357 ascend).

Alternative scenario requires firm break above last week’s tops at $1334, reinforced by south-turning daily Tenkan-sen, to turn near-term bias higher.

Res: 1319, 1327, 1331, 1340
Sup: 1312, 1304, 1300, 1292

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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