The rebound was triggered by a support at $1,284, the 38.2 percent Fibonacci retracement on a three-wave cycle that developed from the June 28 low of $1,180.71 to the July 23 high of $1,347.69.
This mathematical relation indicates gold may retrace below $1,282.69, as it could be rare that only 38.2 percent of a corrective cycle is reversed.
Resistance is at $1,315, the 50 percent Fibonacci retracement on the fall from $1,347.69 to $1,282.69, a break above which will lead to a further gain to $1,332, the 76.4 percent retracement.
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