Spot Gold is consolidating within narrow range above fresh three-week low at $1264 on Friday.
Increased risk appetite for dollar and equities keeps gold under pressure.
Bear-leg from $1306 closed below $1271 (Fibo 76.4% of $1260/$1306 upleg) after strong bearish acceleration on Thursday that opened way towards key supports at $1260 (06 Oct low / 200SMA).
Near-term price action may stay in directionless mode ahead of release of US GDP data, due later today, which could give fresh direction signal, depending on release.
Overall structure is bearish and favors further downside on sustained break below $1260 pivot, with corrective upticks expected to face strong headwinds from broken 100SMA ($1275) which is expected to ideally cap.
Only sustained break here would sideline immediate bears for stronger correction.
Res: 1269, 1271, 1275, 1277
Sup:: 1264, 1260, 1251, 1249
