Breakout and pullback pattern on gold

On the daily chart of gold we saw the other day that the price had fallen steadily until it broke below the 200 day EMA (blue line) around the 1238 level and reached the 76.4% Fibonacci retracement zone, which acted as a support. When the price bounced from the 76.4% Fibo to the upside, it came back to the 200 day EMA and completed what it is known as a breakout and pullback pattern. Exactly from the 200 day EMA, gold bounces back to the downside and if the following daily candles are bearish, then the price of gold may go back to the 76.4% Fibo, which may act once again as support. Below the 76.4% Fibo, its next support is at the 1200 area. Above the 76.4% Fibo, its next resistance could be the 200 week EMA at the 1256 zone. In order for gold to continue higher, risk aversion needs to come back into the markets, but for now it may just try to confirm the breakout and pullback pattern and maybe continue lower if risk appetite rises again.