Gold price showed good rise yesterday to provide signals of regaining the bullish trend after testing 23.6% Fibonacci level for the last rise, which makes the bullish trend expected for the coming period, and surpassing 1210.00 level will confirm the continuation of achieving gains on the short term basis.
The exponential moving average 100 supports the waited rise, while breaking 1197.44 will push Gold for more bearish correction that its next target located at 1184.16.
Support & Resistance:
Support 1204.00 1197.44 1190.00
Resistance 1210.00 1218.90 1228.85
Recommendation Gold is positive above 1204.00, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1204.00
The exponential moving average 100 supports the waited rise, while breaking 1197.44 will push Gold for more bearish correction that its next target located at 1184.16.
Support & Resistance:
Support 1204.00 1197.44 1190.00
Resistance 1210.00 1218.90 1228.85
Recommendation Gold is positive above 1204.00, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1204.00
