Gold dips further to 1125.3 but is drawing some support form mentioned 50% retracement of 1026.9 to 1227.5 at 1127.2 and recovers mildly. Intraday bias is turned neutral for the moment. On the upside, break of 1170.2 minor resistance will indicate that fall from 1227.5 has completed and will flip intraday bias back to the upside to continue the consolidations. However, note that sustained trading below 1127.2 will indicate that rise from 931.3 has completed and deeper correction could then be seen towards 55 days EMA (now at 1098.7).
In the bigger picture, rise from 681 is expected to develop into a set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is treated as the third wave and there is no confirmation of completion yet. Such rally is still expected to continue towards 100% projection of 681 to 1007.7 from 931.3 at 1258 next. However, decisive break of 1127.2/30.1 support will argue that rise from 931.3 has completed ahead of 1258 target and some deeper pull back could be seen to 1026.9/1072 support zone, or even further to retest 1000 psychological level, before resuming the long term up trend.
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