Pullback on gold

Gold continues pulling back to the downside from the high that it made on September 8^th around the 1357 level and it is coming near the 1300 level. The 1300 zone has acted as resistance in the past and actually a breakout and pullback pattern was formed in that area, making it a support before rallying towards the 1357 level. On this occasion it is possible for the price of gold to find a support at the 1300 level, especially if the 55 day EMA (purple line) stays close to that level. The recent rally on the Dollar has caused the price of gold to drop and if the Federal Reserve decides to hint about a possible rate hike on Wednesday, the Dollar may rise even more, causing gold to maybe break below the 1300 level. Below the 1300 level, the next important support on the daily chart of gold is the 200 day EMA around the 1260 level.