SPOT GOLD advances on weaker dollar; US data in focus for fresh signals
Spot Gold extended advance of past two days and cracked strong resistance provided by daily Kijun-sen line at $1284.
Fresh weakness of the US dollar keeps gold price inflated for further advance. Bulls focus barriers at $1288/90 (09 Nov recovery peak / Fibo 61.8% of $1306/$1263 downleg), break of which would open key resistance at $1293 (base of thickening daily Ichimoku cloud, reinforced by falling 55SMA).
Daily techs are firming with double bull-cross (10/20 and 10/100 SMA’s) underpinning the advance.
US inflation and retail sales data are closely watched for fresh signal with weaker than expected figures expected to further boost yellow metal’s price.
Res: 1288; 1290; 1293; 1296
Sup: 1283; 1278; 1273; 1270