SPOT GOLD – bears may extend to $1263 after penetrating into rising daily cloud

Spot Gold hit fresh 7-week low at $1271 on Monday, on fresh bearish extension that penetrated into rising daily cloud (spanned between $1278 and $1258) and cracked support at $1272, provided by 100SMA.
The yellow metal remains in downtrend from $1357 (08 Sep peak) which eyes supports at $1267/63 (15 Aug trough / Fibo 61.8% of $1204/$1357 ascend) and could extends to $1258 (daily cloud base).
Bears might be delayed for consolidative / corrective actions on oversold slow stochastic on daily chart, with no firmer bullish signals seen so far.
Solid resistances lay at $1278/80 (broken cloud top / session high) guarding Friday’s high / 55SMA at $1290 and falling daily Tenkan-sen at $1293.
The latter is expected to cap extended corrective upticks.

Res: 1278; 1280; 1290; 1293
Sup: 1271; 1267; 1263; 1258