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HomeContributorsTechnical AnalysisSpot Gold Outlook – Consolidation to Precede Final Push towards $1236 Target

Spot Gold Outlook – Consolidation to Precede Final Push towards $1236 Target

Windsor Brokers Ltd
By Windsor Brokers Ltd

Spot Gold moved higher on Friday but stays near new low at $1245 (the lowest since mid-Dec 2017) posted on Thursday.

Weaker dollar gave a breather to gold bears, but bearish techs and sentiment limit recovery attempts and keep strong bearish stance intact.

Extended recovery attempts are expected to hold below falling 10SMA ($1263) before final push towards target at $1236 (12 Dec low, reinforced by weekly 200SMA).

The notion is supported by the third straight long bearish weekly candle.

Only weekly close above 10SMA would ease existing pressure and open way for stronger recovery.

Res: 1252; 1254; 1260; 1263
Sup: 1245; 1240; 1236; 1231

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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