Spot Gold remains in a sideways mode with fresh strength above the 1330 range top, and was unable to clear 1340 with a Fibonacci at 50% of the 1374/1305 descend. A subsequent slide was contained at initial 1316 support, however, negatively aligned near-term studies keep the downside at risk. Violation of strong 1300/1290 support zone to trigger fresh extension of larger downmove from 1433 and open 1276/72, the next targets, while rally through 1340 barrier would provide relief and allow for stronger correction. An overall tone remains bearish, as daily indicators hold in the negative territory, with weekly close above 1300 handle are expected to signal prolonged consolidation of 1433/1290 descend.
Resistance: 1328; 1337; 1340; 1348
Support: 1316; 1305; 1300; 1290XAU/USD" title="XAU/USD" src="https://d1-invdn-com.akamaized.net/content/piced5be1db15fbe79c90e91f5e5c474759.png" height="400" width="800">