Forex Technical Outlook GOLD 29.06.2017
Spot Gold returned below daily cloud after the third continuous strong rejection at $1253 resistance zone. Three daily candles with long upper wicks weigh on near term structure, after rallies repeatedly failed to close above cracked 100SMA ($1249). Near term bias shifts lower on fresh bearish acceleration that pressures support at $1241 (lows of 27/21 June) and may extend lower for retest of key near term support at $1236 (26 June low / 200SMA). Newly created 10/100SMA bear cross maintains fresh bearish pressure, with today’s close below daily cloud to confirm negative stance. Cloud is spanned between $1246/49 and now acts as resistance, guarding upside rejection levels and upper pivots at $1253/54. Alternative scenario requires close above daily cloud and regain of $1253/54 barriers to re open key barrier at $1258 (Fibo 38.2% of $1296//$1236 descend / 55SMA / double upside rejection).
Res: 1246; 1249; 1254; 1258 Sup: 1243; 1241; 1236; 1230