The price comes at confluence between 76.8% fibs and weekly trendline. We could say that if the trendline broken than the bias will be shifted to bullish. On the other side if the trendline holds then there will be another move down possibility.
If we refer to weekly price pattern then there is a possibility that gold will move lower to retest the 1.2000 area. Red zone will be the most ideal place to place short trade with green zone as the profit target.
Purple line is weekly trend line and it is near the resistance zone so we could expect the price will be retesting the resistance area before continuing its downward movement. Target 1 will be the blue area and Target 2 is the green area
Failed to break below the trend line means high probability for dollar to recover.. Watch for 100.. Break below 100 will keep the downside momentum intact. Bullish momentum only valid after breaching 100.50.