Spot Gold extended rally in the second straight day on Monday, responding to weaker dollar and pressures former spike high of 18 Aug at $1300 on fresh acceleration higher.
Fresh bullish sentiment on weaker dollar that was strongly disappointed after Fed Yellen did not mention monetary policy or unwinding a massive portfolio, maintains strong demand for the yellow metal.
Scenario of firm break above $1300 pivot is becoming more realistic, with lift above it to open way towards $1315 (Fibo 76.4% of larger $1375/$1122 descend) and $1331 (Fibo 138.2% projection of the upleg from $1204).
Rising bull-channel trendline offers solid support at $1288 which should contain corrective dips.
Res: 1298, 1300, 1310, 1315
Sup: 1293, 1291, 1288, 1280
