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Gold – watch for a rebound from 23.6% Fibo support

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1258, $1263, $1273

Support - $1253-1249, $1243, $1230

Gold’s corrective rally from yesterday’s NY session low of $1243.81 levels could gain further traction if prices rebound from $1253 (23.6% of Sep 2011 high-Dec 2015 low) and break above $1258 (Asian session high), in which case resistance at $1263-1273 stands exposed.

On the lower side, failure to sustain above $1253 would expose yesterday’s low of $1243.81. A break below the same would signal continuation of retreat and expose support at $1230 levels.

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