Spot Gold regained strength and bounced from overnight session low at $1226 that was hit on strong bearish acceleration in Asia. Fresh bulls broke above Monday’s high at $1235 and cracked target at $1237 (Fibo 61.8% of $1263/$1194 downleg). Strong bullish signal will be generated on break and close above the latter, for extension towards $1244 (08 Feb former high) and double Fibonacci barrier at $1247/48 (Fibo 76.4% retracement of $1263/$1194 and 50% retracement of $1375/$1122 descend). Daily Kijun-sen line which held downside attempts during past two days, is now offering solid support at $1229, guarding pivotal support at $1218 (top of thickening daily cloud) that continues to underpin recovery from $1194 (10 Mar trough).
Res: 1235; 1237; 1244; 1247
Sup: 1232; 1229; 1221; 1218
