Dollar’s slight bullish bias keeps gold price at the back foot on Monday.
The yellow metal holds within multi-day congestion after several attempts above falling 100SMA (currently at $1224) failed to sustain break, but risk of reversal increases following multiple upside rejections which left several daily candles with long upper shadows and weakening daily studies.
Weakening momentum created bear cross and heads south, supporting the notion, but bearish scenario requires initial negative signal on break below rising 10SMA / congestion floor (1218), with confirmation of reversal expected on break below $1214/13 pivots (Fibo 38.2% of $1183/$1233 upleg / daily cloud top).
Conversely, close above 100SMA would revive hopes for fresh advance, which requires confirmation on sustained break above $1234 (weekly 200SMA).
Res: 1224, 1229, 1234, 1238
Sup: 1221, 1218, 1213, 1208
