Spot Gold May Find Support At $1233 Levels

Published 07/03/2013, 08:02 AM
Updated 05/14/2017, 06:45 AM
GC
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Gold ended the trading session lower yesterday, pulling back after testing 1269.00 resistance area. However, the retreat hasn't damaged the structure of the ongoing bullish wave, which remains intact so far, as 1233.00 support level and most importantly 1224.00 levels are still intact. Accordingly, the bullish correctional scenario continues to be favored, but a break above 1269.00 resistance is needed now to confirm it.
Spot Gold
Support: 1240.00, 1233.00, 1225.00, 1210.00, 1200.00
Resistance: 1248.00, 1260.00, 1270.00, 1290.00, 1300.00

Recommendation Based on the charts and explanations above, we prefer to long gold above 1233.00 targeting 1265.00 and 1300.00. Stop loss with four-hour closing below 1224.00

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