GOLD is trading within narrow consolidation; overall bears keep focus at the downside
|Gold remains directionless for the second day and consolidating within narrow range above fresh low at $1157 (the lowest since early Feb).
Consolidation remains capped under $1177 barrier (daily Tenkan-sen) which guards the first pivot at $1187 (05 Dec high).
The price may extend consolidation, as bears on daily chart are oversold, with extended upticks to be capped under strong $1200 resistance (Fibo 23.6% of $1337/$1157 descend, reinforced by falling 20SMA).
Only sustained break above $1200 trigger would sideline broader bears and signal correction.
Res: 1177; 1180; 1187; 1197
Sup: 1165; 1160; 1157; 1150
Interested in Gold technicals? Check out the key levels
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