Gold $XAUUSD has retreated from a high on the year around 1357 to almost 1260. The daily chart shows that this swing is essentially bringing price down from a rising channel resistance to channel support.XAU/USD Daily Chart(click to enlarge)Support at 1250-1260:- We can see that price around 1260 is right around the 200-day simple moving average.- There is also a channel support around 1250. - The RSI has been floating around 40. If the prevailing trend since July is going to maintain momentum, it should indeed hold above 40.- A break below 1240 would invalidate the bullish outlook, and prompt re-evaluation.