SPOT GOLD consolidates under widening daily cloud; near-term bias remains negative
Spot Gold holds within tight range on Tuesday and awaiting series of US PMI data for fresh signals.
Repeated rejections at $1270 zone keep the downside protected for now, but upside attempts remain limited and keep near-term bias with bears.
Widening daily Ichimoku cloud continues to weigh, along with converging daily MA’s in bearish setup.
Near-term risk remains at the downside for test of 200SMA ($1266) and lows of 27 / 06 Oct at $1263/60.
Broken Fibo 61.8% of $1263/$1299 upleg caps for now and marks initial barrier at $1277, with extended upticks to be limited by daily cloud base ($1282).
Res: 1277; 1282; 1285; 1289
Sup: 1274; 1270; 1266; 1263