Gold outlook – 4 hour chart

The spinning top formation at the make or break level of $1261 if followed by a bearish follow through (bearish candle) would open doors for a pull back to $1248-$1246 (support offered by the descending trend line).
On the higher side, only a daily close above $1260 would open up upside towards $1284 (Mar 2016 high) and $1300 levels.