Spot Gold returned below daily cloud after the third continuous strong rejection at $1253 resistance zone.
Three daily candles with long upper wicks weigh on near-term structure, after rallies repeatedly failed to close above cracked 100SMA ($1249).
Near-term bias shifts lower on fresh bearish acceleration that pressures support at $1241 (lows of 27/21 June) and may extend lower for retest of key near-term support at $1236 (26 June low / 200SMA).
Newly created 10/100SMA bear-cross maintains fresh bearish pressure, with today’s close below daily cloud to confirm negative stance.
Cloud is spanned between $1246/49 and now acts as resistance, guarding upside rejection levels and upper pivots at $1253/54.
Alternative scenario requires close above daily cloud and regain of $1253/54 barriers to re-open key barrier at $1258 (Fibo 38.2% of $1296//$1236 descend / 55SMA / double upside rejection).
Res: 1246; 1249; 1254; 1258
Sup: 1243; 1241; 1236; 1230
