Gold spot Intraday: bullish bias above 1178.5.
Pivot: 1178.5
Our preference: Long positions above 1178.5 with targets @ 1197 & 1200.8 in extension.
Alternative scenario: Below 1178.5 look for further downside with 1169 & 1160 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
