Gold – now eyeing falling trend line hurdle
Resistance - $1263, $1270, $1284
Support - $1253, $1247, $1243
Support - $1253, $1247, $1243
- As anticipated earlier today, Gold breached $1253 (earlier resistance, now support).
- A sharp recovery from low of $1234 followed by a break above daily 50-MA and subsequent breach of key Fibo level at $1253 indicates prices are on track to test falling trend line resistance currently seen at $1263 levels.
- A day end closing above the same would indicate a short-term bottom is in place at $1234.
- On the lower side, a clear break below $1230 is needed to signal bullish invalidation.
