Gold is trading inside a short-term bullish channel but still below the 4-hour Kumo (cloud). Price is making higher highs and higher lows since the $1,319 low but I believe we should expect another leg down towards $1,300 as long as price remains below $1,355.
Magenta line- long-term resistance
Blue line -long-term support
The last few weeks price continues to consolidate inside the $1,300-$1,350 trading range. Weekly support that I expect to be tested is at $1,300. A break above $1,355 I will be expecting price to push to $1,400-$1,450.
