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Gold – Tug of war between Bulls and Bears continues..

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance – 1263, 1270, 1283

Support – 1238, 1227, 1220

  • We were expecting prices to drift lower to H&S neckline, however, weaker rebound in US durable goods orders triggered wave of USD selling. Consequently, metal jumped above 50-DMA.
  • On intraday basis – repeated failure to dip below $1227 (23.6% of Dec low-Mar high) followed by a recovery today above 50-DMA could yield $1250 levels.
  • On larger scheme of things, bulls need a break above $1263 and bears would cheer break below $1227.
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