XAU/USD
Spot Gold corrects recent losses bouncing from yesterday’s fresh low at 1226 and regaining initial barrier at 1251, 15/10 previous low. Hourly studies turned positive, however, gains are likely to be limited, as 4-hour picture remains negative, with further recovery to be capped at 1261, 12/11 previous low and 1269 lower platform / Fibonacci 61.8% of 1294/1226 downleg, before fresh leg lower. Extension below 1226 to open 1215/08, 08/07 / 05/07 lows, ahead of psychological 1200 support. Alternatively, regain of 1280 lower platform, is required to provide relief and expose key near-term barrier at 1294, 14/11 lower top.
Resistance: 1257; 1261; 1269; 1278
Support: 1248; 1236; 1226; 1215
XAU/USD Hour Chart" title="XAU/USD Hour Chart" height="400" width="800">