GOLD (Spot) intraday: bullish bias above 1597
Pivot: 1597.00
Our preference: LONG positions above 1597 with 1611 & 1619 in sight.
Alternative scenario: The downside penetration of 1597 will call for a slide towards 1590 & 1584.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.