Gold is facing strong resistance around $1300 and is struggling break that level. Overall trend is weak as long as resistance $1300 holds.
The break above $1300 will target $1309/1320 (23.6% retracement of $1920 and $1130).
The major support 1263.45 (23.6% retracement of 1131.41 and 1307.27) should be broken for further confirmation of bearish extensions. Breaking below $1263.45 will take the commodity to $1242 (200 day 4HEMA) /$1225.
Indicator (4 hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell Gold around $1278-82, SL 1301, Targets $1242/1226.
The break above $1300 will target $1309/1320 (23.6% retracement of $1920 and $1130).
The major support 1263.45 (23.6% retracement of 1131.41 and 1307.27) should be broken for further confirmation of bearish extensions. Breaking below $1263.45 will take the commodity to $1242 (200 day 4HEMA) /$1225.
Indicator (4 hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell Gold around $1278-82, SL 1301, Targets $1242/1226.