Gold shows sings of getting tired and being out of fuel to continue to rally. There are many indicators showing that the price should reverse for a short-term pullback before the next upward move above $1,300.
Gold has broken below the short-term trend line support and below the tenkan-sen (red line indicator). I expect a pullback at least towards the 38% Fibonacci retracement and as close as possible to the Kumo (cloud).
Gold has broken above the weekly Kumo in an impulsive price structure implying that we are witnessing the early stages of a longer-term bullish reversal in Gold. The scenario of a pullback below $1,200 is still possible but with less chances of success than the immediate bullish continuation of the current trend towards $1,400.
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