Gold Technical Analysis: There are prospects are for a run down to the 200-D EMA

• Gold moved in on a critical support area overnight following Powell.
• Gold dropped out of the rising interim channel and the case is building up for a continuation of a southerly trajectory within the descending wedge.
• Bulls can target for a close below the 38.2% Fibo at 1275 and look to 1266.
• Prospects are for a run down to the 200-D EMA and the confluence area of the 50% retracement target of 1250/1253 respectively.

4HR chart

Daily Chart