The bullish correction on gold continues and its price manages to break above the 61.8% Fibonacci retracement that we can see on the weekly chart, around the 1288 level. The price of gold has been retracing from the 1160 low but now the 1300 level could act as resistance. In case of continuing higher, the 76.4% Fibo at the 1318 level could act as resistance. The long term resistance is located at the 1365 peaks. On the other hand, if the price comes back down, then the 200 week EMA along with the 50% Fibo at the 1262 level could act as support.
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