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Right now, gold is trading again around the important $1250 area. There is a lot of resistance in this area for several reasons:
- First, the current gold price is somewhere in the middle of the bear market channel.
- Second, the longest term resistance trendline kicks in right above $1350, which is 8 pct from current price levels.
- Third, although of secondary importance, the 38.2% Fibonacci retracement level of the long term bull market is near, specifically at $1291.”
https://seekingalpha.com/article/4060056-gold-silver-prices-bring-clarity-long-term-trend