Gold price has bounced towards $1,350 as we expected after breaking above $1,325. Price has reached the 50% retracement of the decline from $1,375 and is expected to reverse lower again to new lows below $1,310.
Gold price has bounced towards the upper cloud boundary in the 4 hour chart and has retraced 50% of the decline. Price bounced just above the 38% Fibonacci retracement from $1,200 to $1,375. A reversal is now expected. Price might move a bit higher closer to $1,350 but overall I believe we should expect a move towards $1,270 next.
Gold price remains inside the bullish channel and above cloud support in the 4-hour chart. Support is at $1,310 and if broken we should expect a move at least towards $1,290-80. An exit out and below the channel will confirm the top is in and a big correction towards $1,250-$1,180 has started.
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