Gold moves bearishly influenced by the negativity on RSI alongside stability below 23.6% Fibonacci at 1227.00.

According to Fibonacci rules, trading below 23.6% Fibonacci will cause an attempt to hit 1192.00 and 1193.00-Fib. of 38.2%- while SMA20 and SMA50 at 1207.00 and 1200.00 are obstacles.

ADX shows weakness in the trend; thus, we will use small quantities.

Support: 1207.00 – 1200.00 – 1192.00

Resistance: 1220.00 – 1227.00 – 1233.00

Direction: Bearish

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