Gold - Bulls would cheer

FX:XAUUSD   Gold Spot / U.S. Dollar
Support - $1283, 1268.85, $1253

Resistance - $1300-1303, $1310

  • Gold's rebound from daily 10-SMA yesterday if followed by a daily close above $1283 (previous cyclical high + flag resistance) would open doors for a re-test of $1300-1303 levels.
  • Moreover, bullish invalidation is see only below $1263 levels.
  • Nevertheless, failure to see a daily closing above $1283 would take some shine off from bullish momentum.
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