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
Interested in Gold technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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