SPOT GOLD eases after 20 SMA repeatedly capped upside attempts
Spot Gold price eases on Tuesday on profit taking after nearly 1% rally on Monday on safe-haven buying.
Upside attempts were repeatedly capped by 20SMA (currently at $1281) which marks strong barrier as previous probes above it were short-lived.
Near-term action remains within $1263/84 range which extends into third week, with range floor marking significant support, reinforced by Fibo 61.8% of $1204/$1357 upleg and rising 200SMA.
Mixed daily studies show no clear direction, with today’s action holding between 10 and 20SMA’s ($1274 / $1281 respectively) which mark initial pivots.
Break below 10SMA is needed to turn near-term bias lower and risk retest of $1263 base.
Conversely, sustained break above 20SMA would improve near-term outlook for stronger upside action towards targets at $1284 and $1289 (Fibo 50% and 61.8% respectively of $1306/$1263 downleg).
Res: 1281; 1284; 1289; 1291
Sup: 1274; 1271; 1266; 1263