The Gold price is at weekly oversold levels. The Gold price could any time start a reversal with $1,265-85 as the target. The price remains in a bearish trend inside a bearish channel. There is no reversal confirmation yet.
Magenta downward sloping lines - bearish channel
Magenta upward sloping line - long-term support
The Gold price has broken below the long-term support trend line. The price is below the weekly Kumo. The trend is clearly bearish. However, with the Stochastic oscillator at oversold levels, a reversal of the indicator above 20 will signal a bounce has started. This bounce could be just a temporary relief rally towards $1,265-85 or the start of a new up trend. This is not the time to be bearish Gold. This is the time to be patient and wait for the bullish signal.