Gold price is still inside the bearish channel in a bearish Daily trend as price remains below the Daily Kumo (cloud). Gold price showed some strength signs yesterday but bulls were not able to break out and above the bearish channel. Breaking above $1,305-$1,307 will open the way for a bigger bounce towards cloud resistance around $1,320-30.
Blue lines - bearish channel
Gold price has stopped the decline at the 61.8% Fibonacci retracement of the entire rise from $1,236. Gold price is ready for a big move higher at least towards cloud resistance at $1,320-30 area. Price touched the daily kijun-sen (yellow line indicator) yesterday but got rejected. It is important for bulls to break above $1,305.
