SPOT GOLD – consolidation to precede final push towards $1236 target
Spot Gold moved higher on Friday but stays near new low at $1245 (the lowest since mid-Dec 2017) posted on Thursday.
Weaker dollar gave a breather to gold bears, but bearish techs and sentiment limit recovery attempts and keep strong bearish stance intact.
Extended recovery attempts are expected to hold below falling 10SMA ($1263) before final push towards target at $1236 (12 Dec low, reinforced by weekly 200SMA).
The notion is supported by the third straight long bearish weekly candle.
Only weekly close above 10SMA would ease existing pressure and open way for stronger recovery.
Res: 1252; 1254; 1260; 1263
Sup: 1245; 1240; 1236; 1231