Spot Gold eases from fresh high at $1253 (the highest traded since 28Feb) after Thursday’s close in red that signaled broader bulls might be running out of steam.
Overbought slow stochastic on daily chart is reversing lower and supports idea of extended correction.
Downside attempts remain limited for now and keep pivotal supports at $1239/37 (base of thick hourly cloud / broken Fibo 61.8% of $1263/$1195 descend) intact.
However, extended dips through $1239/37 should not exceed next strong support at $1229 (daily Kijun-sen / 10/20SMA bull-cross) to keep broader bulls from $1195 trough intact for eventual push towards targets at $1260/63 (200SMA / 27 Feb peak).
Res: 1246; 1253; 1258; 1260
Sup: 1241; 1239; 1237; 1229
