Gold – near-term risk remains shifted lower while daily Tenkan-sen capsPullback from $1219 double-top is for now holding above important support at $1182 (Fibo 38.2% of $1122/$1219 upleg), with near-term price action in consolidation mode.
Downside remains at risk after weekly close in red (the first bearish close after month-long rally), with daily MA’s turning in negative setup and double-top continuing to weigh.
Renewed attack at $1182 trigger could be expected and firm break here to trigger fresh bearish acceleration towards $1173/71 (daily Kijun-sen / 50% retracement).
Close below Kijun-sen is needed to confirm reversal and open way for extension towards pivot at $1159 (daily cloud base / Fibo 61.8% retracement).
Alternative scenario requires sustained break above $1200/04 (daily Tenkan-sen / Fibo 61.8% of $1219/$1180 pullback) to signal an end of corrective phase and shift near-term focus higher.
Res: 1195, 1200, 1204, 1209
Sup: 1182, 1173, 1171, 1159
