Gold – Bullish case strengthens ahead of Fed
Resistance – $1253, 1263, $1275
Support – $1238, $1227, $1221
Gold’s repeated rebound from $1227 (23.6% of Dec low-Mar high) followed by a move back above 50-DMA yesterday has left the doors open for a rise to $1253-1263 levels.
On the lower side, $1227 remains a strong support, which needs to be breached if bears have to have say in determining prices.
Daily close above $1274 today would be bullish break from flag pattern.
Support – $1238, $1227, $1221
Gold’s repeated rebound from $1227 (23.6% of Dec low-Mar high) followed by a move back above 50-DMA yesterday has left the doors open for a rise to $1253-1263 levels.
On the lower side, $1227 remains a strong support, which needs to be breached if bears have to have say in determining prices.
Daily close above $1274 today would be bullish break from flag pattern.