Gold price continues its pullback towards $1,300 as it has now retraced 50% of the rise from $1,275. Medium- and longer-term trend remain bullish. Gold has potential to pull back even towards $1,280 but I believe it will only move slightly lower than $1,300.
Gold price is trading inside a daily bullish channel. Price is holding above the tenkan-sen support at $1,300. There are some divergence signs that could justify a deeper pullback in Gold. Daily Kumo support is at $1,250. This move would surely wash out weak bulls. I do not give such a pullback many chances of happening, but it is a scenario we should not ignore if the channel breaks.
