Spot Gold price bounced on Wednesday after hitting fresh seven-week low at $1268 the previous day. Tuesday’s action ended in Doji, signaling hesitation ahead of strong supports at $1265/63 (daily cloud base/Fibo 61.8% of $1204/$1357 ascend).
Gold is expected to consolidate within daily cloud (cloud top lies at $1290 and is reinforced by Tenkan-sen) before broader bears resume. Break below $1265/63 would generate strong bearish signal for extension of downtrend from $1357) towards weekly cloud top at $1348. Alternative scenario requires sustained lift above daily cloud top to sideline immediate bears and generate bullish signal for extended correction.
Res: 1278, 1280, 1290, 1296
Sup: 1271, 1268, 1265, 1263
