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Gold – stuck at 23.6% Fibo, losses seen below daily low

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1320.67, $1327.68, $1335.33

Support - $1310.10, $1303, $1297.52

  • Gold’s repeated failure to take out expanding channel on the day end closing basis followed by a daily closing below $1320.67 (23.6% of May low-June high) if followed by a rejection at $1320.67 and a break below $1310.10 (daily low) would open doors for a drop to $1297.52 (38.2% of May low-June high).

  • On the higher side, expanding channel hurdle of $1327 needs to be taken out if the prices are to test $1335.33 (June 27 high).
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