Gold spot Intraday: under pressure. Pivot: 1268
Our preference: Short positions below 1268 with targets @ 1247 & 1235 in extension.
Alternative scenario: Above 1268 look for further upside with 1276 & 1285 as targets.
Comment: As long as 1268 is resistance, look for choppy price action with a bearish bias.
The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.
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