Gold Price Remains Supported

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There were good gains in Gold price recently due to the US Dollar weakness. The price traded above $1260 and currently looks set to retain the bullish bias.
 
On the downside, there is a major support at $1258, which is just below the 23.6% Fib retracement level of the last wave from the $1243 low to $1264 high.
 
There is also a bullish trend line on the hourly chart at $1257, which is another major support for buyers. At the moment, the price is following a channel with support at $1260. As long as the price is above $1258-57, there are chances of further gains in the near term.
 

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