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Gold – Stays below 50-DMA, eyes neckline support

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance – 1238, 1263, 1270

Support – 1220, 1200, 1190.85

  • Gold’s failure to sustain above $1263 levels followed by a repeated failure to see daily closing above 50-DMA indicates prices could be heading towards head and shoulder neckline level of $1220 ahead of Fed rate decision.
  • Rise in treasury yields and a upbeat US durable goods data may add to bearish pressure around metal.
  • On the higher side, a daily close above 50-MA is essential for a re-test of $1263 levels.
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