Spot Gold is holding within tight consolidation above new over six-month low at $1248 posted today, with oversold daily studies suggesting gold price may enter consolidative / corrective phase in coming sessions.
Steep fall from lower top at $1309 (16 Jun) may take a breather before final push towards target at $1236 (12 Dec low).
Stronger dollar on renewed risk-on mode keeps gold price under pressure, but profit-taking and oversold studies may push the price higher before bears resume.
Bullish divergence on daily slow stochastic supports the notion, however, strong bearish momentum suggests limited corrective action.
Solid barriers provided by falling 10SMA ($1266) and top of weekly cloud ($1276) are expected to cap.
Only return above descending 20SMA ($1281) would sideline bears and risk stronger correction.
Res: 1254; 1260; 1266; 1272
Sup: 1248; 1240; 1236; 1231
