Spot gold dipped to $1203 low on Monday, in extension of last Friday’s 1.9% fall, pressured by higher US dollar which holds near 16-month high against the basket of major currencies. The yellow metal holds in red for the seventh straight day, as Friday’s long bearish candle (daily loss of 1.9%) weighs. Strong bearish momentum and daily MA’s in negative setup maintain bearish stance for test of pivotal supports at $1201/00 (trendline support/Fibo 50% of $1160/$1243/psychological support, violation of which would spark fresh bearish acceleration. Daily cloud twists today ($1195) and is magnetic. Broken daily Kijun-sen ($1213) acts as solid barrier and expected to protect the upside. US inflation data, due on Wednesday, are eyed for fresh signals (Oct CPI m/m 0.3% f/c vs 0.1% prev/y/y 2.5% f/c vs 2.3% prev) which could put the yellow metal under further pressure on stronger than expected release.
Res: 1209; 1211; 1213; 1215
Sup: 1203; 1201; 1195; 1191
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