Gold inclined after finding support at SMA50 around 1247.00, but it remains limited below 61.8% Fibonacci at 1260.00, which is a negative catalyst over intraday basis.
RSI moves bearishly below the value of 50.00, while ADX is moving to the downside. As far as 1247.00 holds we will be bearish, while coming above 1260.00 will give us a rational reason for concern.
Support: : 1247.00 – 1235.00 – 1227.00
Resistance: 1260.00 – 1272.00 – 1271.00
Direction: Bearish