Spot Gold returned to red on Tuesday following Monday’s recovery rally rejection at $1292 barrier and repeated failure today.
Mild recovery of US dollar put gold price under pressure with downside attempts being so far contained by rising daily Tenkan-sen at $1282, but risk of further easing exists as bearish divergence has formed on daily RSI / slow stochastic.
Extension below Tenkan-sen support and Monday’s low / Fibo 61.8% of $1267/$1300 at $1280 would generate stronger bearish signal for deeper pullback, following strong rejection at $1300 last Friday.
Conversely, close above $1292 would sideline immediate downside threats and shift near-term focus higher.
Res: 1289, 1292, 1296, 1300
Sup: 1282, 1280, 1272, 1267
