Gold price bounced off the 61.8% Fibonacci retracement towards the short-term resistance at $1,290-$1,300 area but bulls remain weak. Price is pulling back lower as Dollar strengthens. Trend remains bearish as long as price is below $1,300.
Blue rectangle - target if short-term resistance is broken
Gold price pushed towards $1,286 but bulls could not even push price towards or above $1,290. Even the short-term resistance was not seriously challenged today. This is a sign of weakness. Support is found at $1,276 and next at $1,266 which is major support. Major resistance is found at $1,295-$1,300. As long as price is below this level trend will remain bearish. Bulls need to break above $1,288-90 in order to challenge $1,295-$1,300 major resistance.
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