Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
311 0 4
Gold             has broken major support $1260 which indicates short term weakness and decline till $1238/$1229 cannot be ruled out.

On the upside minor resistance is around $1280 ( 50% retracement of 1307.7 to $1252) and any trend reversal can happen only above that level.

On break of $1280 will target $1300 and $1309.

Indicators (60 min chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell gold             around $1265-70 ,SL $1281, Targets $1240/$1229
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