After a heavy downtrend gold has found the bottom at 1,241 and a corrective wave begun. Fibonacci applied through the last rejected point of the downtrend through the bottom shows that price of Gold hasn't reached 61.8% Fibs although 50% level has been broken.
It looks like a corrective wave up is not over and right now Gold is trading right at the 200 Moving Average which should act as a strong support.
Consider buying Gold at the current rate - 1,286, targeting 61.8% Fibs (1,310). Stop loss should be well below the 38.2% support level (1,283)
Support: 1,283, 1,267
Resistance: 1,296, 1,310
