SPOT GOLD – bulls show hesitation at strong $1267/69 barriers
Spot Gold remains firm on Thursday, supported by weaker dollar and consolidating under fresh three-week high at $1268. Today’s test of pivotal $1267/69 resistance zone (50% of $1299/$1236 descend / daily Kijun-sen / 200SMA) failed to break higher, with further hesitation expected as overbought slow stochastic on daily chart is turning south.
Extended consolidation should stay above initial support at $1260 (broken Fibo 38.2% of $1299/$1236) to keep near-term bulls intact for fresh attempts through $1267/69 barriers.
Sustained break here would open $1275 (Fibo 61.8%) and key barrier at $1281 (base of thick daily cloud).
North-turning 10SMA marks lower pivot at $1255, loss of which will be bearish signal.
Res: 1267; 1269; 1275; 1281
Sup: 1264; 1260; 1255; 1250