Wed, Mar 29, 2023 @ 12:51 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: Spot Gold Surges Above Key Barriers On Strong Safe-Haven Buying

Technical Outlook: Spot Gold Surges Above Key Barriers On Strong Safe-Haven Buying

Spot Gold surged on fresh safe-haven buying and hit new five-month high at $1269 on Friday.

Fresh rally emerged from near-term congestion between $1239 and $1260 and eventually broke above key barriers at $1258/63 (200SMA/former top of 27 Feb).

With daily studies now in full bullish setup and renewed bullish sentiment, gold price is set for further rise.

Today’s close above $1258/63 pivots will generate strong bullish signal for extension towards next target at $1278 (Fibo 61.8% of larger $1376/$1122 July/Dec 2016 descend).

The yellow metal is also on track the fourth straight bullish weekly close that supports scenario.

Former strong barriers at $1263/58 now act as good supports that are expected to ideally contain corrective dips.

Session low at $1250 (reinforced by rising daily Tenkan-sen line) marks lower pivot, loss of which would weaken near-term structure.

Res: 1269, 1274, 1278, 1281
Sup: 1263, 1261, 1258, 1250

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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