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Gold – Trend line support at $1207

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1221, $1235, $1243

Support - $1211, $1207, $1200

  • Gold’s failure to sustain above daily 5-MA in Asia if followed by a break below strong trend line support at $1207 levels would open doors for test of psychological level of $1200.00.
  • Note that prices failed to take out daily 100-MA yesterday. Consequently, bears appear in control and a violation at $1207 could actually yield a drop to major support at $1191 ( Oct             2015 high).
  • On the other hand, a clear break above daily 100-MA seen today at $1221 is needed to indicate short-term bearish invalidation.

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