Gold, as expected, bounced towards short-term cloud resistance but got rejected. Recent lows are important short-term support. A break above yesterday highs could signal that an important short-term low is in.
Gold price is trading below the Kumo (cloud) of the 4-hour chart. Price is still inside the bearish channel and yesterday it reached the lower cloud boundary resistance and got rejected. Resistance is at $1,271. Support is at $1,260. Breaking support will push it to $1,250-45. Breaking resistance will push it to $1,285.