There were good gains in Gold price this week as it moved above $1230 resistance and the 100 hourly simple moving average.
A high was formed at $1244.50 from where a minor consolidation phase was initiated. The price is currently correcting but remains supported above $1235 and the 100 hourly simple moving average.
Furthermore, the 50% Fib retracement level of the last wave from the $1226.66 low to $1244.50 high is also at $1235. So, if the price corrects towards $1235, it is likely to find bids and bounce back in the near term. On the upside, there are two short-term bearish trend lines with resistances as $1240 and $1242.
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