“¢ PBoC news-led modest USD retracement triggers the initial leg of recovery move from the $1200 neighborhood, or 13-month lows, amid near-term oversold conditions.
“¢ Disappointing headline NFP print, coupled with trade-related headlines provided an additional boost and lifted the commodity through an important confluence hurdle.
“¢ With RSI (14) on the 1-hourly chart gaining positive momentum, a follow-through up-move, possibly beyond $1220 level, now looks a distinct possibility.
Gold 1-hourly chart
Spot Rate: $1214.83
Daily Low: $1204.50
Trend: Short-term bullish
Resistance
R1: $1218 (100-period SMA H1)
R2: $1221 (overnight swing high)
R3: $1229 (weekly high set on Tuesday)
Support
S1: $1210 (horizontal zone)
S2: $1204.50 (daily swing low)
S3: $1200 (psychological round figure mark)
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