Spot Gold price tested support at $11.86 (Fibo 38.2% of $1160/$1201 rally) in extension of pullback from $1201 (22 Aug high). Reversal pattern is forming on daily chart after recovery rally from $1160 (16 Aug low) failed at psychological $1200 barrier on Wednesday and daily action ended in Doji candle. Fresh weakness today looks for confirmation of the pattern on close below $1186 which would risk extension towards Fibo supports at $1180 and $1175 (50% and 61.8% respectively). South-heading momentum, slow stochastic reversing from overbought territory and daily MA’s returning to full bearish setup, support scenario.
Res: 1190, 1196, 1200, 1202
Sup: 1186, 1180, 1175, 1171
