SPOT GOLD – bears may extend to Fibo 38.2% support at $1300

Spot Gold remains in red at the beginning of the week with extended weakness probing below strong supports at $1317 (bull-channel support line / Fibo 38.2% of $1251/$1357 upleg.
Fresh bears hit session low at $1312 (daily Kijun-sen) which may act as temporary footstep for near-term consolidation, signaled by oversold slow stochastic on daily chart.
Upside attempts are expected to be limited (broken 20SMA at $1319 to ideally cap) before bears resume.
Close below bull-channel support line will initial bearish signal, while close below daily Kijun-sen is needed to confirm bearish continuation, which could extend to $1300 (Fibo 38.2% of $1204/$1357 ascend).
Alternative scenario requires firm break above last week’s tops at $1334, reinforced by south-turning daily Tenkan-sen, to turn near-term bias higher.

Res: 1319; 1327; 1331; 1340
Sup: 1312; 1304; 1300; 1292