Gold price is turning lower as we predicted in our previous analysis. Gold price is expected to test short-term support at $1,215-20 area. I believe another important low could form at that price area before the resumption of the uptrend. The longer-term trend I believe remains bullish.
Gold price is turning lower from overbought short-term levels. Price is expected to move towards the 38% and 50% Fibonacci retracement area where we also find the 4-hour cloud support. I expect this support to hold and produce the next leg up towards $1,280-$1,300.
a breakout above the recent highs at $1,237. This will be a confirmation of the next upward move starting.
