Gold price has stopped the sharp decline that started from $1,300 and is now consolidating above the $1,240 support level. Gold price is moving sideways and trend is neutral. However we expect today or tomorrow Gold price to start a new trend and most probably upwards if support at $1,230 holds on.
Gold currently trades above the support level at $1,240. If this level is not broken, an upward bounce would push Gold price towards $1,264 and $1,280. An early signal will come if price breaks above $1,250. Short-term support is found at $1,230 in case we break below $1,240.
Even if Gold price makes a new lower low, I believe it will find support at the $1.230-20 price level and bounce upwards from there. I believe Gold is making a longer-term triangle pattern that will eventually bring price back towards $1,300 before plunging below $1,100. For now we concentrate on a break above $1,250 or below $1,220.
