Gold price remains near the important $1,266-70 resistance area. Trend remains bullish but price has made no real progress over last few days. Gold price is expected to reverse and at least test support at $1,250. I'm bearish, expecting a move even towards $1,220.
Gold price is not moving higher in an impulsive pattern. Price although trading above the 4-hour Kumo (cloud) has formed a bearish wedge. Support is at $1,263 and at $1,260. Breaking below these levels will give me a new sell signal with $1,250 as minimum target. Price is right below the 61.8% Fibonacci retracement of the latest downward move and I'm bearish here.