Gold falls into Fib support
Gold fell through trendline support yesterday, with the price retracing into the 61.8% level ($1244). For now the current uptrend remains intact, and it will do so until we see a break back below $1235.
However, the wider perspective points towards a potential bearish reversal and thus any further gains are simply seen as a retracement of the June sell-off. With that in mind, while we could be looking at further gains coming into play, there is the risk of the bearish medium term picture taking hold once more.