Spot Gold bounced from fresh lows at $1225 on Friday, taking a breather after steep fall this week that commenced from $1270. The move is seen as corrective on profit-taking after the price fell over 3% in past few sessions and positioning for fresh downside. The yellow metal maintains strong bearish sentiment on rising hopes for June US rate hike and may extend weakness through daily cloud base ($1222) and 100SMA support at $1220 towards $1209 (50% retracement of $1122/$1295 ascend). Recovery attempts were so far capped under daily cloud top (1236) which guards broken bull-trendline ($1240) and strong barrier at $1251 (200SMA / daily Tenkan-sen) where extended corrective upticks should be capped.
Res: 1236, 1240, 1247, 1251
Sup: 1225, 1222, 1220, 1209
