We may therefore see some erratic moves in gold over the next few days before the "real" trend emerges, though it should be noted that gold is now trading above its 200-hour moving average for the first time this week.
Resistance around 1340 will prove tricky for gold to overcome, however a break of this level should see the price rise back towards the upper boundary of the down trend channel at 1358 - a break of this area will see a retest of 1375 and potentially 1435.
Support can be found at 1329, 1322, 1316 and 1307. Below this 1300, 1292 and 1272 come into play with a break of 1272 suggestive of a return to 1180.
Equities remain in a strong bull trend and we expect further gains in stocks for the rest of 2013. Oil continues to show weakness which is not helping gold, whilst the weak dollar is providing some support for gold on dips.
Today's video for subscribers looks at the recent trading in more detail and some key areas to watch for clues of gold's future direction.