Support - $1283, $1272, $1263
- Gold’s failure to take out weekly 200-MA followed by a break below $1300 resulted in a correction to $1285 levels as expected yesterday.
- The inverted candle seen on the indicates bulls may be facing exhaustion, thus short-term loss of momentum could be seen.
- Nevertheless, metal could make another attempt at $1300 handle if prices manage to take out $1291 (hourly 50-MA).
On the lower side, break below hourly 200-MA of $1272 would signal short-term is in place around $1315.