Gold fell yesterday and during today’s Asian session breaching the ascending trend line as shown on the daily chart, ending the ascending scenario which achieved its second target at 1345 resistance … Despite breaching the mentioned trend line, the general trend structure remains bullish as long as the trades remain higher Support 1300 – 1302 (23.6% Fibonacci level) … so it is better to remain neutral until the price is out of the specified area on the chart.
A return to the highest of 1326 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.
A break of 1,300 may extend from the downside wave to the next support test around 1275 that corresponds to the 38.2% Fibonacci level of the rising general wave.
