Gold price remains in a bearish trend. However Gold is showing signs of at least a bounce in the short-term. Gold price is expected to bounce at least for a couple of days. Minimum bounce target is at $1,260.
Gold price is trading above the 4-hour tenkan-sen (Red line indicator). Both MACD and the RSI are turning upwards from oversold levels. This suggests that today we should see a bounce. First important resistance is at $1,260 and next at $1,271. Support is at $1,242.
On a weekly basis Gold price has reached the Kumo support. This is an area where I do not prefer to be short. I expect a bounce from this area. Important weekly resistance is at $1,274-79. A weekly close above this area will turn trend to strongly bullish again.
