Downside pressure remerged, as gold breaks below the recent low and the 127.1 Fibonacci extension level, and retest 1250.00 level. The 161.8% extension is insight, and the next potential downside target for the ongoing bearish wave at 1220.00 area. Accordingly, the bias is to the downside today.
Support: 1252.00, 1240.00, 1225.00, 1218.00, 1210.00
Resistance: 1275.00, 1290.00, 1300.00, 1308.00, 1321.00
Recommendation based on the charts and explanations above: We prefer to short gold below 1270.00 targeting 1250.00 and 1225.00. Stop loss above 1290.00
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