Last month, we noted that Gold was finding the footing slippery and would have to recapture the 1235 as well as the 1260 levels in short order and if unable to do so, the window to the 1180-1200 zone was a viable possibility.
Well, Gold was unable to recapture both the 1235 and 1260 levels and, here we are trading within our noted 1180-1200 zone.
While Gold remains short-term oversold and due for some price relief, we have yet to witness any signs thus far that the bleed lower is ready to subside, just yet.
Therefore, Gold remains guilty until or unless proven otherwise with the benefit of doubt remaining in the hands of sellers.