Gold price is making new lows early this week. I continue to consider this pullback as a corrective one inside a larger bullish trend. The decline from $1,291 is to be completed today and a reversal at least towards $1,285 is to be seen this week.
Blue lines - bullish divergence signs
Gold price is trading below both the tenkan- and kijun-sen (red and yellow lindicators). Trend is bearish on the 4-hour chart. Bullish divergence signs continue to be given each time a new low is made. Short-term resistance is at $1,285. Breaking above it will push price towards $1,298 at least. Support is at $1,270.
