FX:XAUUSD   Gold/U.S. Dollar
89 0 10
Following its pullbacks from $1262, the Gold             dropped below 50-day SMA for the first time since early January and is presently struggling to clear the same moving average , failing to which indicates its quick downside to two month-old ascending trend-line support, at $1215. Given the metal's daily close below $1215, it can rest around $1200 round figure mark support prior to testing the $1180 and the 50% Fibonacci Retracement level of its December 2015 – March 2016 upside, near $1164. If all the bullion continue dipping down below $1164, it becomes weaker enough to plunge towards $1130 and the $1110 support levels. Should the bullion manage to clear the 50-day SMA level of $1233 on a closing basis, $1245 and the downward slanting trend-line, at $1255 now, are likely nearby resistances it needs to break in order to revisit the $1268 and the March month highs around $1282. Moreover, the metal's successful trade beyond $1282 enables it to surpass the $1300 mark and can aim for January highs of $1307.
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