Gold – Rising trend line breached

FX:XAUUSD   Gold Spot / U.S. Dollar
Support - $1249, $1243, $1225

Resistance - $1256.70, $1263, $1268

  • Gold’s breach of rising trend line on Wednesday following the release of hawkish Fed minutes has opened doors for a test of daily 50-SMA seen at $1249.
  • The bearish close yesterday also marked a downside break from symmetrical triangle formation, thus adding credence to bearish break from rising trend line .
  • Consequently, support at $1249 could be breached, thereby exposing $1243 (23.6% of Dec low-May high).
  • On the higher side, only a day end close above $1268 (rising trend line hurdle) would indicate bearish invalidation.
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