Spot Gold consolidates above new low at $1190, posted on Tuesday, with evidence of basing attempt supported by growing momentum and slow stochastic in sideways mode at the border of oversold zone.
Recovery action was so far capped by falling 20SMA ($1196), with sustained break here needed to ease existing downside risk and extension above 10SMA ($1199) to confirm reversal.
However, strengthening dollar keeps the yellow metal under pressure and bounce could be seen as positioning before bears off $1214 resume.
Loss of $1190 handle would open pivotal supports at $1183 (24 Aug trough) and $1180 (Fibo 61.8% of $1160/$1214 upleg).
Res: 1196, 1199, 1202, 1208
Sup: 1193, 1190, 1183, 1180
