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Gold – confluence of support around $1191

FX:XAUUSD   Gold Spot / U.S. Dollar
Support - $1207, $1200, $1191 (Oct 2015 high + rising trend line drawn from Dec 17 low and Jan 14 low)

Resistance - $1219, $1225.61, $1235

  • Gold’s consecutive failure to take out daily 100-MA hurdle earlier this week followed by lower tops formation on the hourly chart indicates prices could have another go at psychological support level of $1200.
  • A violation there would open doors for a slide to critical support at $1191. Bulls need to defend this or else risk being crowded out of the market.
  • On the higher side, a break above $1220 would signal a possible rise to $1230 levels.
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