Gold: Breakout-pullback pattern

The breakout and pullback pattern is when the price of an asset breaks a support or resistance and pulls back to it, but then it continues in the direction of the original breakout. The pattern gives the opportunity for new traders to come into the market. On the daily chart of gold we can see that the price has broken below the 200 day EMA, blue line, and now it is pulling back to the 200 EMA. If the price reaches the 200 EMA, then it may bounce to the downside and even try to break below the 1250 level. Below the 1250 level, its next support could be the 1200 level. If for any reason the price breaks above the 200 EMA, then the 1300 level could act as its next resistance.