Description
⋅ 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