Gold price held above $1,200 yesterday and bounced towards our first important short-term resistance of $1,215. Price remains inside the bearish channel and as long as we are inside it we can even see it near $1,190-80. I believe a bigger bounce has already started towards $1,250.
Blue lines - bearish channel
Gold price is now testing the upper channel boundary at $1,215. Breaking above that area prices could bounce towards the Kumo resistance of $1,240-50. There I would expect prices to get rejected and pull back for a lower low near $1,170.
the end and we should expect Gold to reach even the 61.8% Fibonacci retracement after a short-term bounce that could last for a week or two.
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