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Gold – now eyeing falling trend line hurdle

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1263, $1270, $1284

Support - $1253, $1247, $1243

  • A sharp recovery from low of $1234 followed by a break above daily 50-MA and subsequent breach of key Fibo level at $1253 indicates prices are on track to test falling trend line resistance currently seen at $1263 levels.
  • A day end closing above the same would indicate a short-term bottom is in place at $1234.
  • On the lower side, a clear break below $1230 is needed to signal bullish invalidation.
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