Gold price has bounced the last few days towards our first target of $1,477 but I believe there are a lot of chances of seeing a bigger bounce unfold the next few days towards $1,490. This does not mean however that we are bullish Gold. On the contrary.
Gold price has bounced towards the 38% Fibonacci retracement of the last leg down as expected. I would not be surprised to see Gold price bounce towards the upper channel boundary and the 61.8% Fibonacci retracement. Gold remains inside the bearish channel and I remain bearish too. I consider these upward movements in Gold price as opportunity to sell for a move lower towards $1,400.
