Gold – Bullish move stalled at 23.6% Fibo

FX:XAUUSD   Gold / U.S. Dollar
Resistance - $1253, $1264, $1270

Support - $1242, $1239.26, $1230

  • Gold’s sharp rally on Friday post horrible non-farm payrolls release has left it overbought as per RSI on the hourly and 4-hour time frame.
  • Consequently, bullish momentum ran out of steam as prices approached $1253 (23.6% of 2011 high-2015 low) in Asia.
  • Further correction to $1239-1235 cannot be ruled out, especially since prices are having a tough time holding above weekly 5-MA.
  • A recovery from $1239-1235 region followed by a break above Asian session high of $1248.73 could see prices attempt a break above $1253. If successful, doors would open for a rally to $1263 levels.
  • On the lower side, break below daily 100-MA at $1224 would signal bullish invalidation, although on a larger scheme of things bears would have more say below $1191 ( Oct             2015 high) levels.
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