Gold remained in red figures on Thursday. The metal kept losing ground yesterday and was able to regain the 1275 level. The bearish momentum persisted after that and gold dropped to the 1270 handle. After a brief pause sellers continued the negative bias and pushed the spot towards 1265. They tested the mark in the morning hours and bounced off it at once. The moving averages kept moving downwards. MACD is in the negative territory. RSI reached the oversold area and is staying in it. The resistance resides at 1270, the support comes in at 1260.
The expected dollar strength will likely to keep gold under pressure. Sellers might continue to dominate and probe the 1255 area today or tomorrow.