SPOT GOLD – outlook remains bullish but daily cloud top limits advance for now
Spot Gold consolidates under new two-week high at $1336, after rallying strongly on Wednesday on less hawkish than expected Fed which hit the greenback. The yellow metal was additionally supported by growing concerns about trade war which increased demand for safe-haven assets.
Wednesday’s rally surged through strong $1320/29 resistance zone, provided by a cluster of MA’s, but faced strong headwinds from top of daily cloud ($1334) which was repeatedly dented but without clear break higher so far.
Current action so far looks as consolidation before final push through cloud top and extension towards next target at $1340 (07 Mar high).
Daily techs remain in full bullish configuration and supportive for further advance, as trade war fears underpin.
Alternative scenario requires return and close below $1320 to weaken near-term structure and risk further weakness.
Res: 1334; 1336; 1340; 1345
Sup: 1327; 1323; 1321; 1315