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Home Contributors Technical Analysis Technical Outlook: Spot Gold – Bulls Show Hesitation At Strong $1267/69 Barriers

Technical Outlook: Spot Gold – Bulls Show Hesitation At Strong $1267/69 Barriers

Spot Gold remains firm on Thursday, supported by weaker dollar and consolidating under fresh three-week high at $1268. Today’s test of pivotal $1267/69 resistance zone (50% of $1299/$1236 descend / daily Kijun-sen / 200SMA) failed to break higher, with further hesitation expected as overbought slow stochastic on daily chart is turning south.

Extended consolidation should stay above initial support at $1260 (broken Fibo 38.2% of $1299/$1236) to keep near-term bulls intact for fresh attempts through $1267/69 barriers.

Sustained break here would open $1275 (Fibo 61.8%) and key barrier at $1281 (base of thick daily cloud).

North-turning 10SMA marks lower pivot at $1255, loss of which will be bearish signal.

Res: 1267, 1269, 1275, 1281
Sup: 1264, 1260, 1255, 1250

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