Spot Gold bounced from correction low at $1194 (the lowest since 31 Jan), where two-week pullback from $1263 peak found footstep.
Pullback was contained just above the top of rising daily cloud ($1193), with recovery attempts struggling at strong $1210 barrier (base of thick weekly cloud) and signaling that corrective action might be limited.
The scenario is supported by daily studies in firm bearish setup that suggest fresh weakness after correction and attack at daily cloud top.
Penetration into daily cloud could trigger bearish acceleration towards $1179/76 (daily cloud base / Fibo 61.8% of larger $1122/$1263 ascend.
However, extended corrective upticks could be anticipated and expected to hold below strong barrier at $1222(Fibo 38.2% of $1263/$1194 pullback, reinforced by falling daily Tenkan-sen line).
Only sustained break here would sideline downside risk and open way for extended correction.
Res: 1210, 1216, 1222, 1229
Sup: 1203, 1200, 1193, 1188
