GOLD extended its decline from our initial target area 1210 to our secondary target area 1190. Despite being in bearish trend I expect gold to bounce to 1225-35 area from 1193 which is 50% retracement of the move from 1120 to 1263. Risk of further decline towards 1175 only if Gold fail to hold above 1190.
Price failed to break the 0.23 fib (1241.357) level which is was also a previous resistance level now turned support. Slow stochastics are now indicating that Gold is moving out of an oversold position. Got a tight stop in case we drop to the 0.50 Fib (1220.185) leading into non farm payrolls this Friday.