Gold continued to decline, approaching 1219.00 –Fib. of 50%- as seen on the provided daily chart. Technical indicators shows increase in bears’ power, while prices stabilize below moving averages.
The aforesaid factors are negative, but we should see stability below 1219.00 levels to extend the bearish wave.
Only a break above 1260.00 will cause failure and we prefer to see gold trading below 1247.00 to be bearish.
Support: : 1219.00 – 1210.00 – 1200.00
Resistance: 1230.00 – 1235.00 – 1347.00
Direction:Bearish
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