Turning Down
Our Pivot: 1259
Our Preference: Short sell below 1252 with strict stop loss of 1259 and target at 1243 and 1237.
Alternate Scenario: Upward penetrtion of 1259 will call for 1265.
NOTE: Gold prices are capped by a negative trend line on four hourly chart and its also going to face a strong resistance from a storng horizontal resistant region. Daily 61.8% correction of its last bearish realy (1283.50 till 1206.91) is almost completed and now its exected that it will start a new bearish rally.
Chart with Supports and Resistances:
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