Gold dropped yesterday and stabilized below 113% correction as showing above. The downside move kept the price below Linear Regression Indicators that are trading negatively. We also notice that MACD signal lines are trading in a bearish bias. Therefore, the bearish possibility remains valid by stabilizing below 1176.75.
In fact, we prefer to keep trading below 1155.00 intraday to strengthen the bearish possibility, especially that stabilizing below this level keeps the metal stable below the broken support that turned to resistance at 1165.00. A break above 1176.75 indicates the possibility of trading again above 1200.00.