Yesterday we said: “The weekly opening gap has been closed and retested, from there we haven’t seen any significant bounce which means that the encouraging bullish picture we had at the beginning of this week might be compromised especially in case of further weakness of the precious metal. By further weakness, a break below 1208$ would call for bear to come in position, the second key support would be found at 1200$. So far the price is in a consolidation phase, to the upside watch closely the 1212$ resistance. Our stance is neutral for the day.”
Gold weakness continues with the break below 1200 key level the market outlook turns more bearish and we can expect more continuation, the next support for the day will be found at 1190$ any break below would open the door for more continuation in the 1180$ area. To the upside, in case of bounce the precious metal could head back to 1200$ resistance but the price action is rather bearish so far today. Our bias is neutral.