Gold had a sudden bounce to 1264.02 yesterday and today moved back a little towards the Fibonacci retracement level at 50% from the most recent high to the most recent low. There is a bearish reversal that may happen pretty soon and the decline will probably continue to $1190.00 at least. The price is above the Ichimoku Cloud at 61.8% Fibonacci retracement level. Tenkan-Sen and Kijun-Sen are signaling downward trend. Sell positions are recommended at the moment with the target of 1190.00.