Pivot: 1295
Our preference: Short positions below 1295 with targets @ 1180 1134 in extension.
Alternative scenario: Above 1295 look for further upside with 1361 1434 as targets.
Comment: the RSI is mixed and calls for caution. The gold price is capped by a declining trend line in place since March and is pressured by a former support at 1265 now acting as a resistance.
Supports and resistances:
1434
1361
1295
1249 Last
1180
1134
1080
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