Spot Gold remains in red for the third straight day and extended bear-leg from $1340 high, to crack pivotal support at $1317 (Fibo 61.8% of $1302/$1340 rally).
News about meeting between leaders of the US and North Korea eased geopolitical tensions, with slight ease of concerns about global trade war, reduced demand for safe-haven assets, keeping the yellow metal under increased pressure.
Daily techs in firm bearish setup support scenario, which looks for close below $1317 Fibo support to generate further bearish signal.
Strong US jobs numbers today could help gold bears by boosting the dollar and sending gold price lower.
Bearish acceleration below $1317 would unmask key supports at $1302/01 (01 Mar spike low / base of thick daily cloud).
Falling 10SMA which created bear-cross with 55SMA offers initial resistance at $1322, followed by 55SMA at $1325 and 20SMA at $1329, which is expected to limit stronger upticks.
Res: 1322, 1325, 1329, 1332
Sup: 1316, 1311, 1307, 1302
