Fresh advance could extend on break of $1232/35 pivots
Spot Gold advanced on Wednesday as the greenback eased ahead of meeting between US president Trump and EU Commission President Juncker on trade-focused talks, due today.
The yellow metal rose around $9 for the session and pressures pivotal barriers at $1232 (falling 10SMA / Fibo 38.2% of $1265/$1211 bear-leg), looking for stronger bullish signal on break here and nearby lower top of 23 July at $1235.
North-heading daily indicators are supportive, but falling MA’s in firm bearish setup warn of possible recovery stall as overall structure remains bearish.
Failure to close above $1232/35 would generate initial warning that rally might be running out of steam, with return below session low ($1223) to signal reversal.
Bullish scenario on break above $1232/35 would open way for extension towards Fibo targets at $1238/45 (50% and 61.8% of $1265/$1211 fall respectively).
Res: 1232; 1235; 1238; 1245
Sup: 1226; 1223; 1218; 1215