Gold price moved slightly higher on Friday and hit session high at $1341 but remains at the back foot following sharp fall on Thursday, when the yellow metal fell $20 on renewed risk sentiment after geopolitical tensions eased. Daily techs lost momentum, with today’s limited recovery keeping the downside vulnerable. Thursday’s long bearish candle (the biggest one-day fall since 28 Mar) weighs, as bears on Thursday closed below $1337 (Fibo 61.8% of $1319/$1365 upleg) and generated bearish signal. Weekly close below $1337 would reinforce negative signal and maintain bearish near-term bias for test of $1330 support zone, loss of which could open way towards thin daily cloud which twists next week and could attract and key support at $1319 (06 Apr trough). However, situation in Syria remains the key driver of gold and will remain in focus. Rising tensions could revive safe-haven demand and yellow metal price could surge on such scenario.
Res: 1341, 1343, 1348, 1353
Sup: 1333, 1330, 1326, 1319
