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Gold- $1272 is a strong support

FX_IDC:XAUUSD   GOLD / US DOLLAR
Resistance - $1287, $130, $1313

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 bearish hammer candle seen on the daily chart indicates bulls may be facing exhaustion, thus short-term loss of bullish 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.
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