Possible pullback on gold

God has come very close to the 1266 level as shown on the daily chart, but it has been pulling back during the last few sessions. If gold continues dropping, then it may reach the 200 day EMA, blue line, which could act as a support, due to the fact that the bullish trend is still in place. In the mid-term, gold may continue rising, especially if the 55 day EMA, purple line, crosses above the 200 day EMA, confirming what it is known as a “golden cross”. In other for the bullish trend to be sustained in gold, it must break above the 1266 level, but another possible scenario is that the price of gold may stay consolidated between the 1232 level (200 day EMA) and the 1266 level.