The price of gold rose last Friday to test the area 1300-1302 as expected due to the saturation of the sale was indicated by the momentum indicators … Stochastic pointing to a negative intersection is currently a sign that the price has gathered enough momentum to resume falling …
The possible bearish scenario remains intact as long as the trading remains below 1305 (23.6% Fibonacci) to be the first target at 38.2% Fibonacci around 1275 and the breach may press the gold to the next support around 1250-1240.
A breach of 1305 and stability above might be enough to end the current correction and it is possible that the price will resume its bullish trend to face 1345 again as the first target, which could push the pair to the next resistance at 1365.
