On the technical front, Looking at the 4H chart, a breakout level of an combined with the Fibonacci, provides some interesting areas of . While gold had a clean bounce of the resistance at 1236, there was no contact with the strong physiological as well as technical (23.6%) at 1200. Absence of the strong ground below can lead to broader downside pressure, at least in the near term. Having said that, showing , signalling for a possible coming correction.
All in all, GOLD seems open for more negative trading which might extend to 1200-1990 area. In order to start talking about growth, the key resistance at 1238 has to be taken out. Therefore going with the trend in the short run could be the most profitable approach to trade this asset.
Support: 1209.22, 1199.73, 1190.93, 1166.43
Resistance: 1220.33, 1227.57, 1238.65, 1253.35
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