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Gold - bullish only above $1263

FX_IDC:XAUUSD   GOLD / US DOLLAR
  • Gold's repeated rebound from $1227 from last few days, followed by a jump from 50-DMA support today has strengthened the case for a bullish move.
  • However, area around $1263 has repeatedly capped gains and did so today as well/. Hence, only an upside break above $1263 could see fresh demand come-in and fuel rally towards $1276 levels (flag resistance).
  • Moreover, odds of a bullish break above $1276 would increase if prices do see an hourly close above $1263.
  • On the lower side, $1227 needs to be breached if breaks wish to make their presence felt.


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