Sat, Jun 10, 2023 @ 20:30 GMT
HomeContributorsTechnical AnalysisSpot GOLD – Correction Is Expected To Reverse Above Daily Cloud Top

Spot GOLD – Correction Is Expected To Reverse Above Daily Cloud Top

Spot Gold is holding near fresh ten-day low at $1239, posted on Friday in extension of previous day’s sharp fall, when the yellow metal lost nearly 1%, driven by stronger dollar.

Pullback from fresh high at $1261 (posted on 27 Mar) is seen as correction ahead of renewed attack at cracked 200SMA ($1259) and final push towards 27 Feb peak at $1263.

The notion is supported by persisting safe-haven demand on political uncertainty.

Bullish daily studies also favor fresh upside, as thick daily cloud (spanned between $1233 and $1193) continues to underpin recovery from $1197 (15 Mar low).

Extended pullback should find support at $1236/33 zone (Fibo 38.2% of $1197/$1261 rally / daily cloud top) to keep bullish structure intact.

Alternative scenario sees risk of deeper correction on penetration into daily cloud and violation of daily Kijun-sen line ($1229) that would expose $1221 (Fibo 61.8%).

Res: 1245, 1250, 1255, 1259
Sup: 1239, 1236, 1233, 1229

Windsor Brokers Ltd
Windsor Brokers Ltd
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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