Gold visits the 76.4% Fibo

The weakness on the US Dollar has supported the rally on gold taking the precious metal to the 76.4% Fibonacci retracement of the drop that it had from the 1295 level on June 6^th to the 1204 level on July 10^th as shown on the daily chart. The price of gold has tried to stall its rally at some of the most relevant resistance levels like the 200 day EMA at the 1243 level, the 200 week EMA at the 1254 level, and the 61.8% Fibo at the 1261 level. At the moment, the 76.4% Fibo at the 1274 level could act as resistance, but the lower shadow of the current daily candle is showing us that the bulls are still in control of the market. Therefore, the price of gold could possibly break above the 76.4% Fibo and maybe try to reach the high at the 1295 level or the 1300 round number level. To the downside, the most important support could be the 200 week EMA at the 1254 level.