Gold – Fresh demand likely around 5-DMA

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold’s rebound from rising trend line support last week followed by a sharp rise on Friday above 23.6% Fibo of $1333 indicates the strength in the uptrend and suggests the dip towards $1138 (5-DMA + upper end of the expanding triangle) could see fresh demand.

A rebound from $1338 followed by a break above Friday’s high of $1354 would open doors for $1363-1370 levels.

On the lower side, a day end closing below $1338 could yield a re-test of rising trend line support over the next few days.
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