XAU/USD
Spot Gold trades in extended consolidative phase, with price action being entrenched with 1394/1280 range. Hourly studies are losing traction, with price attempting below main bull trendline off 1261 low that suggests further easing towards the range floor and Fibonacci 38.2% of 1261/1294 upleg at 1280. Loss of the latter would revive near-term bears and signal an end of corrective phase from 1261 that was so far capped by falling 55DMA of 4-hour chart at 1294. Alternative scenario requires break above 1294, to open strong resistance and pivotal point at 1300/10 zone, psychological barrier / 50% retracement of larger 1361/1261 descend.
Resistance: 1290; 1294; 1296; 1300
Support: 1281; 1277; 1269; 1261
XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="800" height="400">