Gold remains inside the short-term bearish channel and as we expected from our previous analysis, the price has made a lower high around the $1,235-40 area and is pulling back down. The price remains in a corrective phase, so eventually it is expected to reach below $1,190.
Gold remains below the Kumo (cloud) on the 4 hour chart and with a lower high and reversal we remain in a bearish trend. Support is at $1,208 and resistance at $1,250. A break above $1,250 could even give us a new higher high towards $1,300, but this scenario has less chances.