SPOT GOLD – near-term action is directionless and holding between Tenkan-sen and Kijun-sen
Spot Gold benefited from weaker dollar and safe-haven buying on Wednesday and reversed most losses from the previous day on bounce to $1282.
Gold price is trading between daily Tenkan-sen ($1273) and Kijun-sen ($1283) for the third straight day and showing no clear near-term direction, as daily techs are giving mixed signals.
Daily cloud is twisting tomorrow at $1300 and could attract fresh advance, which requires firm break above upper pivot at $1283 (Kijun-sen).
Alternative scenario sees break below Tenkan-sen support $1273) as a trigger for fresh bearish extension towards key supports at $1263/60.
Meanwhile, directionless mode could extend before metal’s price establishes in fresh direction.
Res: 1283; 1289; 1291; 1296
Sup: 1275; 1273; 1266; 1263