Spot gold hit new 6 1/2 month high at $1288 on Wednesday, in extension of recovery phase which started from $1160 in mid-Aug 2018. The yellow metal remains well supported by renewed risk-ff mode as f=rising concerns about global growth slowdown prompted investors into safe-haven assets. Today’s rally cracked important barrier at $1286 (Fibo 61.8% of $1365/$1160), but close above here is needed to generate stronger bullish signal. Bullish daily and weekly techs continue to support, however, overbought conditions warn that bulls may take a breather before clear break above $1286 pivot. Slow stochastic on daily chart is turning lower and forming bear-cross, which could be seen as initial signal. Corrective dips are expected to offer better buying opportunities as overall environment is bullish and favors further advance. Rising 10SMA offers solid support at $1266, which is expected to contain corrective actions.
Res: 1286; 1288; 1300; 1309
Sup: 1277; 1266; 1253; 1250
Written by Admin
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