Spot Gold peaked at $1229 on Thursday, on extension of post-Fed strong rally formed base at $1195 zone and signaled that correction from $1263 to $1195 might be over. Strong dollar’s negative sentiment that came after Fed, boosted yellow metal and turned near-term bias higher. Bullish extension met initial target at $1129 (daily Kijun-sen / 50% retracement of $1263/$1195) and could extend towards next barrier at $1337 (Fibo 61.8%) after consolidation. Sustained break above $1237 is needed to confirm reversal. Broken daily Tenkan-sen offers solid support at $1215, followed by thickening daily cloud that contained correction from $1263 and is now underpinning recovery. Cloud top lies at $1210 and is expected to contain extended downticks to keep fresh near-term bulls in play.
Res: 1229, 1237, 1244, 1247
Sup: 1221, 1215, 1210, 1208
