The pair has moved sideways over the past two days in an attempt to gain bearish momentum due to the oversold resistance shown on the RSI on the daily basis … The 1300-1302 rally seems to be possible but the possible bearish scenario remains intact as long as the trading remains below 1305 (23.6% Fibonacci) to be the first target at the level of 38.2% Fibonacci around 1275, whose penetration may press the gold to go to the next support around 1250 – 1240.
A breach of 1305 and stability above might be enough to end the current correction and it is possible that the price will resume its bullish trend to face 1345 again as the first target, which could push the pair to the next resistance at 1365.
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