Gold Technical Analysis: On the verge of a correction to the downside if laws of channel gravity play out

• Gold is on the verge of a correction to the downside if indeed the rice respects the descending wedge's and the interim channel's laws of gravity.
• Bulls would need still to close above 1298 to negate the bearish bias although a test of 1302.80 and a close above 1303.20 would be preferable to buy into. 
• On the downside, below 1278 and then 1275 guard a run down to test the 1266 lows again ahead of where 200-DMA meets that 50% Fibo down at 1254.
• A breakdown there opens the 61.8% Fibo target at 1231 which meets the mid-Dec lows/Oct resistance. 

Daily chart