Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
310 0 1
Gold             is in consolidation phase around $1209 and $1183. It is likely to face strong resistance around $1209 ( 61.8% retracement of $1224 and $1183) and intraday trend reversal can happen only above that level.

On the upside short term resistance is around $1209 and any break above would extend gains till $1225.

The commodity minor support is around $1199 (20 day MA) and break below will target $1183/1178.

Overall bullishness can be seen only if it closes above $1228 (200 day MA)

Indicators ( Daily chart )

CCI (50) - Buy

Woodies CCI (14) - Neutral

Ichimoku - Neutral

We prefer to go long only above $1209 for the target of $1225 with stop around $1200.

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