Gold took out $1263 levels is now struggling to take out flag resistance at $1278 levels.
Hourly chart
Hourly chart
- hourly chart shows repeated failure to take out/sustain above $1278 levels with stochastic in favor of bears.
- A technical correction to $1263 levels could be seen.
- On the higher side, intraday break above $1278 should be followed by a move above $1284 levels as that would invite fresh bids.