Gold price falls under negative pressure after failing to return to the ascending channel, to head to the downside and approach from 23.6% Fibonacci level at 1197.44, while the price needs to trade above 1209.80 level to confirm the return to the bullish trend and stop the current negative pressure.
In general, the bullish track still valid unless breaking 1197.44, and we are waiting to head towards 1218.90 initially, and surpassing this level will lead the price towards 1240.00 direct.
Support & Resistance:
Support 1200.00 1197.44 1190.00
Resistance 1209.80 1218.90 1228.85
Recommendation Gold is positive above 1209.80, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1209.80
In general, the bullish track still valid unless breaking 1197.44, and we are waiting to head towards 1218.90 initially, and surpassing this level will lead the price towards 1240.00 direct.
Support & Resistance:
Support 1200.00 1197.44 1190.00
Resistance 1209.80 1218.90 1228.85
Recommendation Gold is positive above 1209.80, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1209.80
