Spot Gold is consolidating

14 April, 2017

Spot Gold is consolidating within narrow range around $1286 target (Fibo 76.4% of $1337/$1122 descend) which was met on strong two-day bullish acceleration. Gold was initially supported by rising geopolitical concerns that boosted demand for safe haven assets and fresh weakness of the dollar, triggered by comments from US President Donald Trump who said that the dollar is too strong and that he prefers lower rates.

Interest rate sensitive gold reacted on comments on strong bullish acceleration that ended with nearly 2.5% gains in past two days. Strong bullish sentiment keeps gold well supported for attack at next strong barrier at $1293 (weekly cloud top) and psychological $1300 barrier in extension.

Overbought daily studies warn of easing, which might be boosted by profit-taking after strong rally at the end of holiday-shortened week, however, no firmer technical signals have been generated for now. Session low at $1283 marks immediate support, ahead of Wednesday’s low at $1271 and rising daily Tenkan-sen at $1265.

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