Bounce from last Friday’s correction low at $1239 provided temporary relief as risk of retesting key near-term supports at $1236/33 (Fibo 38.2% of $1197/$1261 rally / daily cloud top) has eased.
However, recovery attempts were so far capped at $1250 zone, where rising daily Tenkan-sen lies today, suggesting extended consolidation.
Spot Gold may retest $1239 support, before bulls resume, with close above $1247 (Fibo 38.2% of $1261/$1239 pullback) required for stronger bullish signal.
Extension above $1250 /52 pivots (recovery top / Fibo 61.8%) is needed to confirm bullish continuation and re-expose key barriers at $1259 (200SMA) and 1261/63 (peaks of 27 Mar and 27 Feb).
Thick daily cloud continues to underpin (currently spanned between $1191 and $1233) and only firm break into the cloud and violation of next pivot at $1229 (daily Kijun-sen) would risk stronger downside action from $1261/63 double-top.
Res: 1250, 1252, 1255, 1259
Sup: 1244, 1239, 1236, 1233
