Mon, Mar 27, 2023 @ 20:59 GMT
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Technical Outlook: Spot Gold At Fresh 2017 Highs On Strong Safe Haven Buying

Spot Gold remains tall on Wednesday and consolidating above $1270 handle, following strong rally on Tuesday (the biggest one-day gains since 15 Mar), inspired by safe haven buying on rising geopolitical tensions.

Fresh extension higher in early Wednesday posted new 2017 high at $1279, which also marks the highest traded since 10 Nov 2016.

Tuesday’s rally also generated strong bullish signal on eventual close above $1255 (Fibo 61.8% of $1337/$1122 descend).

Bulls are now focusing targets at $1286 (Fibo 76.4% retracement) and $1292 (weekly cloud top), as global political uncertainty maintains strong bullish sentiment for gold.

Rally may be interrupted by mild corrections, with last Friday’s spike high at $1270 marking immediate support, followed by former top of 27 Feb at $1263 and rising daily

Tenkan-sen / broken 200SMA at $1259/57, expected to contain extended downticks.

Res: 1279, 1286, 1292, 1295
Sup: 1270, 1263, 1259, 1257

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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