Spot Gold is holding near fresh ten-day low at $1239, posted on Friday in extension of previous day’s sharp fall, when the yellow metal lost nearly 1%, driven by stronger dollar.
Pullback from fresh high at $1261 (posted on 27 Mar) is seen as correction ahead of renewed attack at cracked 200SMA ($1259) and final push towards 27 Feb peak at $1263.
The notion is supported by persisting safe-haven demand on political uncertainty.
Bullish daily studies also favor fresh upside, as thick daily cloud (spanned between $1233 and $1193) continues to underpin recovery from $1197 (15 Mar low).
Extended pullback should find support at $1236/33 zone (Fibo 38.2% of $1197/$1261 rally / daily cloud top) to keep bullish structure intact.
Alternative scenario sees risk of deeper correction on penetration into daily cloud and violation of daily Kijun-sen line ($1229) that would expose $1221 (Fibo 61.8%).
Res: 1245, 1250, 1255, 1259
Sup: 1239, 1236, 1233, 1229
