As gold prices remain above the key support level in the 1,263 area *1TG , which we see fall in the 38.2% of Fibo levels of the latest upward boost, a resumption of the Short / medium term bullish movement could bring the test price of the next 1,300 resistance zone.
On the bearish front, the breakdown of the key support level in the 1.263 area would pave the way for a further phase of gold price weakness, which could reach 1,235 *2TG, corresponding to 61.8% of Fibo.
Breaking this support area would mean a trend reversal with prices that could return to the minimum in the 1,195 area.