Spot Gold extends strong bullish acceleration from Monday which resulted in eventual break above key $1300 barrier. The yellow metal received fresh boost from deteriorating geopolitical situation over North Korea that strongly increased demand for safe-haven assets.
Yesterday’s close above $1300 barrier was strong bullish signal for today’s fresh bullish acceleration which extended above initial target at $1315 and broke above bull-channel upper boundary at $1319, to meet next target at $1325 (Fibo 200% projection of the upleg from $1276). Bulls are eyeing next barrier at $1337(09 Sep 2016 spike high).
Strong bullish sentiment continues to drive the price higher, ignoring overbought conditions of daily studies, which suggest corrective action that could be expected in coming sessions.
Res: 1331, 1337, 1343, 1352
Sup: 1319, 1313, 1300, 1296
