On Friday we said: “Gold is in a consolidation phase, the price has no clear direction but holds pretty well given the current USD strength. Is this resiliency to the USD a bullish sign? We have a minor support at 1193$, if broken the price could head easily to 1183$ major key support of the 1180$ – 1222$ mid-term range. To the upside, 1200$ would be the trend shifting level from bearish to bullish. Our stance for the day is neutral.
Gold is holding pretty well above 1200$ key psychological level despite the last two strong price rejections observed on it on Friday at the approach of 1210$. The price action looks bullish so far today and price looks determined to attack the 1210$ resistance for a third time over the last two days. To the upside a confirmed break above 1210$-1212$ could be interpreted as a bullish sign and call for more bulls to join the trade and support the precious metal at least until next resistance found at 1220$. To the downside, 1200$ will be the level to keep under radar for a trend shift from consolidation to bearish with a scope to 1190$. Our bias for the day is slightly bullish.