Spot Gold extends recovery from week’s low at $1240 and took out initial barrier at $1254 (Fibo 23.6% of $1296/$1240 descend / 10SMA).
Correction may extend through $1259 (55SMA / daily Tenkan-sen) towards strong resistance at $1262/64 (Fibo 38.2% / 20SMA) as slow stochastic on daily chart is heading north after reversal from O/B territory and showing more room at the upside.
Close above $1264 is needed to generate strong signal for extended recovery.
Broken 10SMA now acts as initial support at $1255, followed by more significant broken 100SMA at $1248, loss of which would signal an end of corrective phase and shift focus towards $1240 and 200SMA at $1236.
Res: 1259, 1262, 1264, 1268
Sup: 1255, 1248, 1245, 1240
