Gold – Bullish case strengthens ahead of Fed

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance – $1253, 1263, $1275

Support – $1238, $1227, $1221

Gold’s repeated rebound from $1227 (23.6% of Dec low-Mar high) followed by a move back above 50-DMA             yesterday has left the doors open for a rise to $1253-1263 levels.

On the lower side, $1227 remains a strong support, which needs to be breached if bears have to have say in determining prices.

Daily close above $1274 today would be bullish break from flag pattern .
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