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Gold : Bearish Outlook Persists

After moving sideways on the 4 hour chart, Gold has now broke the key support level at 1292.98 again building a bearish outlook. Currently the commodity is testing the key support level at 1282.53. According to the Fibonacci retrenchment levels on the chart, the pair have crossed down below the 61.8 fib level so it should also break this support at 1282.53 to find the next support at 1277.82. The bearish outlook persists as the pair remains below the 50 day, 100 day and 200 day SMA. The Australian and New Zealand market remain closed for Easter holidays. European and U.K. are closed.