Gold price is in bearish channel at the moment after making a reversal at 1355-1360 resistance which is july 2014 high.
Gold is in correction at the moment, Gold has retraced almost 50% from 1205 to 1357 retracement. Support is now at 1290 and then at 1280. Gold can further go down to 1280 and possibly to 1260-62.
But any further dip will be seen as a buying opportunity. As on confirm reversal from above mentioned level can take the gold to new highs of the year.
Gold has broken above the long term downward sloping trendline from highs of 2011 and is correction above it, after completion of correction the next big move will come towards high above 1375 towards 1450.
From current levels the downside looks to be limited and upside has very huge potential. I am long term bullish in gold.
Good luck and have a good trading day
Waseem jameel