SPOT GOLD – Doji reversal pattern is forming on daily chart
Recovery picks up pace on Monday and cracked pivotal barrier at $1338 (Fibo 38.2% of $1356/$1321 bear-leg).
Fresh bullish acceleration completes Doji reversal pattern on daily chart which signals further recovery.
Softer dollar underpins yellow metal on Monday, with fresh bullish signal generating on lift above a cluster of MA’s (between $1326/31) and 14-d momentum climbed in the positive territory.
Recovery rally cracked Fibo barrier at $1334 and pressures next pivot at $1338 (daily cloud top).
Close above these barriers is needed to confirm reversal and open way for further retracement of $1356/$1321 bear-leg.
Plethora of MA’s at $1331/27 zone now reverted to supports and should keep the downside protected.
Res: 1335; 1338; 1343; 1348
Sup: 1331; 1326; 1325; 1321