Gold – increased risk of drop to 38.2% Fibo

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1320, $1327, $335

Support - $1313.60, $1303, $1297.52

  • Gold’s failure to sustain above expanding channel resistance for two consecutive session followed by a break below $1320.67 (23.6% of May low-June high) today indicates prices could drop to $1303-1297.52 (38.2% of May low-June high).
  • On the other hand, only a day end closing above expanding channel resistance would signal continuation of the larger rally from Dec lows.
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