Possible bearish continuation on gold

Gold bounces to the downside from the 1300 zone as shown on the weekly chart and it may try to reach the 1260 level where we can find the 200 week EMA and the 55 week EMA exactly at the same level. The price of gold has already bounced to the upside from the 1260 zone, therefore we could see another bullish bounce from that area in case the price falls to that zone. On the other hand, if gold breaks below the 1260 level, then it may have the road clear to fall all the way to the low at the 1204 level or the 1200 level. The 1300 level may still act as a resistance to the upside, but another possible scenario is that the 55 week EMA (purple line) may cross above the 200 week EMA (blue line) and form what it is known as a “golden cross”, which has bullish implication in the mid-term. A breakout above the 1300 level may take the price of gold all the way up to the peak at the 1357 level.