Gold price is under pressure as seen on hourly chart after successfully broke below the trendline as well as support at 1286.25; in line with our previous analysis. MA 20 has crossed below MA 50. Watch support at 1274.55; if breaks, gold might continue bearish with target at 1266.20-1269.40.

Gold price is under pressure as seen on hourly chart after successfully broke below the trendline as well as support at 1286.25; in line with our previous analysis. MA 20 has crossed below MA 50. Watch support at 1274.55; if breaks, gold might continue bearish with target at 1266.20 - 1269.40.

However, stochastic is oversold, so there might be a pull-back move today. As backup plan, watch the resistance area at 1279.70 - 1282.90 (23.6% - 38.2% Fibonacci) to look for sell signal confirmation, but be careful if resistance at 1282.90 breaks, because it may raise gold price up to 1288.00 - 1291.25

Gold