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Technical Outlook: Spot Gold Emerged above Daily Cloud

Typography

Spot Gold emerged above daily cloud and bounced to $1254 barrier (daily Kijun-sen) after Thursday's $20 pullback from fresh over two weeks high at $1265 was contained at $1245. The support is formed by broken Fibo 38.2% of $1295/$1214 and converged 200/20 and 30 SMA's. Break and close above Kijun-sen pivot would re-attract Thursday's high at $1265. Otherwise, $1245 support is expected to remain vulnerable, as bearish signals are generated on reversal of slow stochastic and double bear-cross (20/200SMA and 20/30 SMA). Sustained break below $1245 pivot would risk attack at $1240 (daily cloud base/Tenkan-sen) and $1233 (Fibo 61.8% of $1214/$1265 rally) in extension.

Res: 1254; 1261; 1265; 1270

Sup: 1249; 1245; 1240; 1233

Author: Windsor Brokers LtdWebsite: http://www.windsorbrokers.com/
Windsor Brokers Ltd
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