Gold bounced back from the warning line (WL1) as expected and should try to reach and retest the first upside target from the 38.2% retracement level ($1282). Will climb towards the mentioned obstacle only if it will close above the 1274.05 previous high.
The minor decrease has confirmed the warning line (WL1) and now tries to approach new peaks on the short term. We have a major resistance near the $1295 per ounce, will reach this area if the USDX will slide further.
