Gold price has broken short-term support yesterday and is pulling back towards important short-term support at $1,320. Price is expected to reverse upwards from current levels. The rejection below $1,350 is not a good sign however price remains above the critical support of $1,300 and inside the long-term sideways channel.
Gold price has reached the 61.8% Fibonacci retracement of the latest rise and the 4 hour Ichimoku cloud. This is a short-term support area. I expect a bounce from this area and a confirmed higher low. Next support is at $1,310-$1,300. Resistance is at $1,335.
The weekly chart continues to show us that price is trapped still inside the trading range and that trend is sideways as both tenkan- and kijun-sen are flat. As long as price is above the black trend line support I remain optimistic of a new high towards $1,450.