HomeContributorsTechnical AnalysisTechnical Outlook: Spot Gold Extends Recovery, Boosted By Weaker Dollar/Rising Demand On...

Technical Outlook: Spot Gold Extends Recovery, Boosted By Weaker Dollar/Rising Demand On Chinese New Year

Spot Gold stands at the front foot on Tuesday and extends recovery rally from $1307 (08 Feb correction low) to crack strong barriers at $1330 zone (Fibo 38.2% of $1366/$1307 bear-leg / converged 10/30 SMA’s).

Weaker dollar on signs of global stocks recovery and expectations of stronger demand ahead of Chinese New Year, keep the price inflated.

Improving daily techs are supportive, with close above $1330 needed to generate fresh bullish signal for extension through $1334 (20SMA / 4-hr cloud base) towards next pivot at $1343 (Fibo 61.8% of $1366/$1307 / 4-hr cloud top).

Corrective dips on overbought hourly studies should be contained at $1320 zone to keep near-term bulls intact.

Res: 1331, 1334, 1337, 1343
Sup: 1326, 1320, 1314, 1307

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.

Featured Analysis

Learn Forex Trading