Gold stands at the back foot today following yesterday’s recovery stall ahead of key Fibo 61.8% barrier at $1290.
Subsequent quick fall left bearish daily candle with long upper shadow that signaled strong upside rejection and risk of further weakness.
Today’s probe below Tenkan-sen ($1278) would result in extended bearish action on close below as daily Tenkan-sen/Kijun-sen lines are in bearish setup. Bears could travel to $1270 (Tuesday’s spike low) and could extend to key support at $1263 (27 Oct low/200SMA).
Conversely, lift above $1290 pivot is required to neutralize bearish threats.
Res: 1279, 1285, 1290, 1294
Sup: 1276, 1273, 1270, 1263
