Spot Gold is holding near fresh three-week low at $1253, posted after Monday’s strong fall, driven by stronger dollar that eventually broke below near-term $1260/$1270 congestion, signaling extension of pullback from $1295 (17 Apr high).
Fresh bears broke below pivot at $1258 (Fibo 38.2% of $1197/$1295) and now pressuring another strong support at $1252 (200SMA).
Close below $1253/52 pivots is needed to signal further downside which may extend through rising 55SMA towards targets at $1240/36 (bull-trendline connecting $1122/97 lows / daily cloud top).
The price may hold in near-term consolidation above 200SMA on oversold daily slow stochastic, with former congestion floor at $1260 offering solid resistance and extended upticks to stay capped under 10/20SMA bear-cross that is forming at $1269.
Res: 1260, 1264, 1269, 1271
Sup: 1252, 1247, 1240, 1236
