Gold – 23.6% Fibo hurdle stands exposed

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1253, $1263, $1270

Support - $1242-1240, $1234, $1230

  • Gold’s recovery from yesterday’s low of $1234 followed by a move back above $1243 (23.6% of Dec low-May high) and a subsequent rise above daily 50-MA indicates the metal is likely to test $1253 (23.6% of 2011 high-2015 low).
  • Moreover, prices could take out $1253; given the daily RSI is bullish and pointing higher. Thus, the falling trend line (black) hurdle at $1263 levels stands exposed.
  • On the lower side, a break below $1253 could yield $1234 (previous day’s low).
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