Spot Gold remains firmly in red and extends losses below $1264 pivot (Fibo 38.2% of $1214/$1296 rally). Strong bearish sentiment on expectations of Fed’s rate hike keeps the price in steep downtrend that extends into fifth straight day. Technicals are weakening on daily chart and fresh bears looking for next supports at $1258 (55SMA) and $1255 (daily Kijun-sen), with stronger bearish acceleration expected to violate strong support zone that lies between $1245 and $1240 (provided by Fibo 61.8%/100SMA/200SMA). More hawkish tone from Fed would pressure gold price for further losses below 200SMA. Broken 20SMA now acts as initial resistance at $1266, followed by 10SMA at $1274 and daily Tenkan-sen at $1277.
Res: 1266, 1270, 1274, 1277
Sup: 1258, 1255, 1245, 1240
