However, the bears will be sensing blood here and will want to press home their advantage and take gold back below 1200 - today could be a critical day for the yellow metal.
Equities are correcting, which should help the bulls, particularly as the dollar remains weak and oil is rallying. However, if gold cannot find buyers in this favourable environment, the outlook is dire.
Support can be found at 1223-1227, 1217, 1212, 1200-1207 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term.
Resistance can be found at 1230-1235, 1245, 1250-1255, 1268-1270, 1277-1280 and 1291-1295. A break above 1270 would suggest an end to the short term down trend, though it would take a break of 1300 to suggest a more significant rally was developing.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.