SPOT GOLD eases after 20 SMA repeatedly capped upside attempts

SPOT GOLD eases after 20 SMA repeatedly capped upside attempts

Spot Gold price eases on Tuesday on profit taking after nearly 1% rally on Monday on safe-haven buying.
Upside attempts were repeatedly capped by 20SMA (currently at $1281) which marks strong barrier as previous probes above it were short-lived.
Near-term action remains within $1263/84 range which extends into third week, with range floor marking significant support, reinforced by Fibo 61.8% of $1204/$1357 upleg and rising 200SMA.
Mixed daily studies show no clear direction, with today’s action holding between 10 and 20SMA’s ($1274 / $1281 respectively) which mark initial pivots.
Break below 10SMA is needed to turn near-term bias lower and risk retest of $1263 base.
Conversely, sustained break above 20SMA would improve near-term outlook for stronger upside action towards targets at $1284 and $1289 (Fibo 50% and 61.8% respectively of $1306/$1263 downleg).

Res: 1281; 1284; 1289; 1291
Sup: 1274; 1271; 1266; 1263