Spot Gold extended recovery rally from $1139 trough on strong risk-off buying and cracked initial target at $1259 (200SMA), pressuring next targets at $1261/63(peaks of 27 Mar and 27 Feb).
The price is looking for daily close above $1255 (Fibo 61.8% of $1337/$1122 descend, which so far resisted several attacks), to generate bullish signal.
Firm break above 200SMA and $1261/63 peaks is needed to signal resumption of larger uptrend from $1122 (15 Dec low) towards Fibonacci projections at $1269/74 and $1286 (Fibo 76.4% of $1337/$1122 descend) in extension.
Meantime, the price may spend some time in consolidation before final break above key barriers, with daily Tenkan-sen (currently at $1250) required to contain extended dips.
Res: 1261, 1263, 1269, 1274
Sup: 1253, 1250, 1244, 1239
