Gold price bounced off the support area at $1,280 but price remains inside a daily bearish channel. I feel confident that price will reverse back to the upside and move at least towards $1,315-20 area. Gold price needs to make a higher low and then break above $1,305-07 resistance area.
Red lines - bearish channel
Yellow rectangle - resistance
Gold price should at least reach the 38% Fibonacci retracement around $1,313. However I believe it is more probable to see the 50% or even the 61.8% Fibonacci level. I'm bullish Gold and consider the pull backs as buying opportunities. Support is at $1,292.