Gold – Tug of war between Bulls and Bears continues..
Resistance – 1263, 1270, 1283
Support – 1238, 1227, 1220
Support – 1238, 1227, 1220
- We were expecting prices to drift lower to H&S neckline, however, weaker rebound in US durable goods orders triggered wave of USD selling. Consequently, metal jumped above 50-DMA.
- On intraday basis – repeated failure to dip below $1227 (23.6% of Dec low-Mar high) followed by a recovery today above 50-DMA could yield $1250 levels.
- On larger scheme of things, bulls need a break above $1263 and bears would cheer break below $1227.
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