Gold recovered after hitting 1266.30 but such recovery lost steam after hitting 1288.67. The corrective structure of the recovery firstly affirm near term bearishness. That is fall from 1346.71 is still in progress. We’d expect it to resume sooner or later and break of 1266.30 will target 100% projection of 1346.71 to 1280.85 from 1324.49 at 1258.63.
Decisive break of 1258.63 will indicate downside acceleration and solidify the case of medium term reversal. That is, rise from 1160.17 has completed at 1346.71 has completed after being rejected below key fibonacci level of 38.2% retracement of 1920.70 to 1046.37 at 1380.36 again. Further fall should be seen to 61.8% retracement of 1160.17 to 1346.17 at 1234.42 and below.
