The Elliott Wave pattern is hard to pinpoint at the moment and the price is trapped between moving averages, oscillating between resistance at the upper boundary of the trend channel and support at the 80 and 200 hour MAs in the short term.
However, the overall trend is down and rallies should be seen as shorting opportunities, especially around the upper boundary of the down trend channel.
Equities remain near highs and the dollar is finding some support and moving towards the key 80 level, pressuring gold further this morning. Today sees the FOMC interest rate decision and statement in the US, which could see some volatility in all markets this evening.
Support can be found at 1286, 1283, 1277-1280, 1267, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now looks unlikely unless we break below 1250.
Resistance can be found at 1291-1293, 1298-1301, 1304-1306, 1314-1315, 1320-1322, 1330-1332,
1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435. The impulsive breakout above the first down trend line on the weekly chart suggests an end to the intermediate term down trend, however the 65 week MA must be broken before a significant rally can develop.
Today's video for subscribers looks at the mixed picture in more detail and gives details of our short term trading strategy.