Gold is still attempting to break out of the down trend channel though this morning's price action intrdocues the possilibity of a "lower high" and an end to the rally - a break of 1250 will confirm this, though a move above 1280 will revive and extend the rally.
It will be interesting to see how gold reacts to further dollar strength and a bounce in stocks, this will give an indication of the underlying strength in the gold market, which to date has not been apparent.
Support can be found at 1250-1255, 1237-1240, 1220-1225, 1214, 1210, 1200, 1188-1190 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 1268-1272, 1277-1280 and 1291-1295. Holding support at 1250 and a subsequent break above 1279 would suggest an end to the intermediate term down trend, though it would take a close above 1300 to confirm 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.