"Incerta" is another possibility, but I personally like "precaria" in this context. "Touch and go" has a strong connotation of risk, so that "rischiosa" wouldn't be wrong as such.Well, this is a serious one:
My condition really was touch and go at one point
The sentence is of a young boy with a serious illness.
A quel punto la mia situazione era disperata (o forse precaria- o ero in pericolo di vita)... which one is better?
The situazione delicata / difficile definition, though, seems a bit more suited to contexts other than playing a game, assuming that's what being referred to in the limited context of "I thought I was going to win, but it was still touch and go." "Era tutto da vedersi" means something like "it was still up in the air" or "it was still anyone's game," right? All of those expressions seem to me to be roughly equivalent to "it was still touch and go" in this context, which is different from, say "The patient now seems likely to recover, but until today it was touch and go" (this would be the situazione delicata).La definizione è nel vocabolario di wordreference.
touch and go, touch-and-go n informal (precarious situation) situazione delicata, situazione difficile nf