Gold spot Intraday: bullish bias above 1194.
Pivot: 1194
Our preference: Long positions above 1194 with targets @ 1220 & 1224 in extension.
Alternative scenario: Below 1194 look for further downside with 1185 & 1178.5 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
