The Gold price remains in a bearish trend. Price has reached lower levels than I initially expected. Gold price is hugely miss-priced at current levels, however, there is no sign of upward reversal yet.
Blue lines - bearish channel
Short-term resistance is at $1,255 and next at $1,261. The trend will change only on a break above the 4-hour cloud resistance now found at $1,285. Next important support is at $1,235. Gold justifies a more than 20$ bounce from current levels. This decline is most probably a stop run to squeeze out longs.