HomeContributorsTechnical AnalysisSpot Gold – Bulls Are Looking For Next Strong Barrier At $1237,...

Spot Gold – Bulls Are Looking For Next Strong Barrier At $1237, Thick Hourly Cloud Underpins

Spot Gold probed above last week’s high at $1233on extension of strong rally from $1197 that was sparked by Fed.

Gold is holding firm bullish tone in the near-term and eyeing next strong barrier at $1237 (Fibo 61.8% of $1263/$1195 pullback), break of which would generate fresh bullish signal.

Overbought slow stochastic warns of consolidation / correction ahead of $1237 barrier, with top of thick hourly cloud (spanned between $1215 and $1227), seen ideally containing dips).

Alternative scenario sees violation of strong supports at $1218/15 (daily cloud top / hourly cloud base) as bearish signal for stronger losses.

Res: 1235, 1237, 1244, 1247
Sup: 1229, 1227, 1224, 1218

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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