Gold prices fell below the key 1200 level on Tuesday and through the daily Ichimoku cloud. The bottom of the cloud will now act as resistance around 1190. The bias remains to the downside as the market is below the 200-day moving average. Technical indicators are also highlighting bearishness. RSI is below 50 and prices are below the cloud and below both the tenkan-sen and kijun-sen lines.
In the bigger picture, the trend has been sideways. After declining from 1307.47 to 1142.65, there was an attempt to retrace half of this downleg but the 50% Fibonacci has proven to be challenging and prices fell back down. Next support is provided by the 23.6% Fibonacci at 1180.93.