The Gold price made a strong bounce on Friday back above $1,300. This bounce does not change my bearish view as the price is still below important resistance and highs at $1,326. Critical support for bulls is found at $1,290. The Gold price has reached the short-term Ichimoku cloud and got rejected. This upward bounce from $1,287 is most probably complete and we should expect a pullback towards $1,295.

Support is found at $1,295 where the 61.8% retracement of the rise is. The price is below Ichimoku cloud in the 4 hour chart and made a lower high than $1,326. These are bearish signs despite the short-term strength. Now, bears will need to break below $1,295 in order to be more possible of success for our bearish scenario. If however the price remains above $1,295-90 and breaks above $1,326, bulls will take the upper hand and the trend will change to bullish with $1,350-60 as our first target.

The Gold price has bounced strongly from the Ichimoku cloud support in the daily chart and has hit the Tenkan-sen resistance. The Tenkan-sen (red) line has broken below the Kijun-sen (blue) line which means a bearish sign if the price does not break above $1,316. My view remains bearish targeting towards $1,000 since I believe wave E of wave 4 has been completed.