GOLD - n/t focus is turning lower after repeated rejection above daily Tenkan-sen; congestion floor at $1165 under pressure
|Near-term focus is turning lower repeated upside rejection above daily Tenkan-sen that so far capped recovery attempts from fresh low at $1057.
Tenkan-sen is turning south and maintaining pressure, however, price action is still holding within three-day congestion, floor of which lies at $1165.
Bearish studies favor fresh downside attempts, however, extended consolidation cannot be ruled out.
Firm break below $1157 handle is needed to signal resumption of current wave C towards its FE138.2% at $1150.
Conversely, sustained break above Tenkan-sen line would generate initial bullish signal for fresh recovery towards next barrier at $1187 and possible extension towards upper breakpoint at $1200 zone.
Res: 1176; 1180; 1187; 1197
Sup: 1165; 1160; 1157; 1150
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