Spot Gold extended pullback from $1292 peak for the second day, with further bearish acceleration coming from fresh strength of dollar on better than expected US data. Renewed risk-on mode that reduced safe haven assets demand puts gold price under increased pressure.
Today’s action broke below important supports at $1276 (Fibo 38.2% of $1251/$1292 upleg) then daily Tenkan-sen at $1271 and met next target at $1267 (Fibo 61.8%) where temporary footstep was found.
Fresh bears may take a breather here as near-term studies are oversold, but limited upside action could be expected, as strong bearish signals on south-heading daily RSI/slow stochastic which reversed from overbought zone, suggesting further downside.
Broken Fibo 38.2% at $1276 is seen capping extended upticks before bears resume.
Close below $1267 pivot is needed to confirm bearish continuation and expose targets at $1264 (20SMA) and $1261 (Fibo 76.4%).
Res: 1271; 1276; 1282; 1285
Sup: 1267; 1264; 1261; 1258
