Yes, indeed. The consolidation on gold continues around the 1223 level, with the 55 day EMA around the 1218 level acting as support. To the upside, the 200 day EMA at the 1243 level could act as resistance.
Possible obstacles on gold’s rally. Gold accelerates its bullish momentum during today’s session and reaches the 1241 level, zone that is has not visited since October 26th. Gold has been supported by the pullback on the Dollar, but if the greenback goes back to its bullish trend, then gold may try to fall back down. Even if the price of gold manages to break above the 200 day EMA at the 1241 level, its next resistances are at the 1249 level where we can find the 55 week EMA and the 1261 level where we can find the 200 week EMA. In case of a breakout above the 200 week EMA at the 1261 level, gold could have the road clear for a rally to the 1300 level. On the other hand, if gold pulls back down, then the 55 day EMA at the 1219 level could act as support, followed by the 1200 psychological level.
Good rally on gold above the 200 day EMA at the 1241 level to reach the 55 week EMA at the 1249 level. Above the 55 week EMA, its next resistance could be the 200 week EMA at the 1261 level. To the downside, the 1220 level could act as support.
Bullish breakout on gold. The price of gold breaks above the 55 week EMA at the 1250 level and settles around the 1254 level. Gold is supported by the drop on the US Dollar and if it continues higher, the 200 week EMA at the 1261 level could act as resistance. In case of a pullback, the 200 day EMA at the 1242 level could act as support. Below the 200 day EMA, its next support could be the 55 day EMA at the 1227 level.
Gold breaks above the 1261 level where we can find the 200 week EMA, but it could find some resistance around that zone. In case of a pullback, the 55 week EMA at the 1250 level could act as support, followed by the 200 day EMA at the 1242 level.
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