Gold retraces from Fibonacci and trendline confluence
Gold has been gradually gaining ground overnight, following on from another drop yesterday. On a wider perspective, a long-term trendline and Fibonacci (76.4%) provide a possible area for gold to bounce from, at $1241.
As such, while the short-term picture is certainly bearish, a break below $1241 would provide greater confidence of impending downside. On the flipside, a break above $1251 would provide a signal that we could be in for some form of bounce for gold.