Gold retraces to the 200 week EMA

During the last three weeks gold has been retracing to the downside, since it made a high around the 1295 level, very close to the 1300 level. On the weekly chart we can see that gold has retraced to its 200 week EMA, which in the past it has acted as a resistance and now it could act as a support. The 200 period EMA usually acts as a very good support or resistance level, especially on the higher timeframes. Now that the price has broken above the 200 week EMA and it has come back to it, a breakout and pullback pattern may be developing around that zone. If the price of gold bounces to the upside from the 200 week EMA (blue line) around the 1256 level, then the breakout and pullback pattern may be completed and gold may try to go and visit again the 1300 zone. If the price breaks below the 200 week EMA, then it will practically have the road clear to go and visit the 1200 level in the midterm, but which could act as support.