Gold – Head and Shoulder intact

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance – 1237, 1244.12, 1263

Support – 1227, 1219, 1207.69

  • Gold’s failure to sustain above $1263 on Thursday followed by a break below 50-DMA on Friday indicates the prices could be heading towards head and shoulder neckline seen today at $1219 levels.
  • Day end closing below $1219 would expose strong support around 1190 levels.
  • On the higher side, hourly closing above $1237 could shift risk in favor of a rise to $1244 -1250 levels.
  • Bullish momentum would gather pace only if prices see day end closing above $1263 levels.

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