Spoat Gold hits new recovery high in extension of strong rally on Wednesday

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold hit new nearly three-week high at $1357 on Thursday, in extension of strong rally previous day when gold price advanced over 1.5%.
Significantly weaker dollar which returned to broader downtrend after being initially boosted by upbeat US CPI data, boosted the yellow metal’s price which is now on track to fully retrace $1366/$1307 corrective phase.
Wednesday’s strong bullish acceleration brought daily techs back to full bullish setup which are expected to support price for final push towards $1366 target (25 Jan high, the highest since July 2016).
However, overbought conditions warn that bulls may lose traction ahead of $1366 target and enter consolidative phase before continuing.
Broken Fibo 61.8% barrier marks solid support at $1343, guarding 20SMA ($1336).

Res: 1357; 1362; 1366; 1375
Sup: 1349; 1343; 1336; 1333

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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