Gold price is making a corrective move similar to the price action it was making before the big upward move to $1,310. Trend remains bullish for the short term and the rejection at $1,300-$1,310 is something very natural as this was the breakdown level.
Red rectangles - similar corrective phases
Gold price has reached the 38% Fibonacci retracement of the latest rise. Price remains above the Ichimoku cloud on the 4-hour chart. Price could pull back even towards the Ichimoku cloud at $1,290-85 area but bulls will need to worry only if price breaks below $1,270.
Gold price has reached the trend line resistance that was once support and we have got an initial rejection there. I did not expect to break this resistance on the first try, but only after a pullback. We are now pulling back and price remains above the weekly tenkan-sen (red line indicator). I remain longer-term bullish Gold and there are a lot of chances that $1,250 is a medium- to long-term low. Confirmation of this will come only on a break above $1,360.
