Gold is trading inside a downward sloping channel. However, there are increased chances of a bigger bounce this week towards $1,240. Downside is limited to $1,200-$1,190 if we break below $1,208.
Gold is trending lower but as it has reached the lower channel boundary I believe it is time for a relief bounce towards at least the $1,234-40 area. The price is below the Kumo (cloud) and as long as we are below it we should expect the larger pullback to end around $1,150-$1,100.