Spot Gold is consolidating above fresh seven-week low at $1218 posted after sharp fall on Monday. The yellow metal was down nearly 1.8% on strong bearish acceleration triggered by break of former key supports at $1236/35 (former low of 26 June / 200SMA). Recovery attempts were so far limited and holding below pivotal barrier at $1227 (Fibo 38.2% of Monday’s fall), signaling extended consolidation before bears resume, as slow stochastic is oversold on daily chart. Technical studies are in firm bearish setup on daily chart and supportive for final push towards target at $1214 (09 May low) and $1209 (50% retracement of $1122/$1296 ascend) in extension. Extended upticks should be capped by falling 200SMA (now reverted to resistance), currently at $1233.
Res: 1227; 1230; 1233; 1236
Sup: 1218; 1214; 1209; 1200
