Gold is showing signs of a bounce that could at least push the price higher towards $1,280. The price has retraced as far as the 50% Fibo level of the entire rise from $1,200, and we should consider long positions with stops at $1,260 as we could see a bigger upside reversal.
Gold is trading below the Ichimoku cloud on the 4-hour chart and inside the bearish channel. The price has reached the 50% Fibonacci retracement and started to bounce. At least a short-term low is in place, so we could first see a bounce to $1,280.