The price action is suggestive of further declines and gold does not appear to be in the process of bottoming - a break of 1306 will likely see a sharp drop towards 1250.
The ECB rate announcement could move currencies today which will of course impact on gold, with further dollar strength pressuring gold and a Euro rally seeing gold rise.
Equities remain near to all time highs with little sign of a top forming, whilst oil remains weak, notwithstanding a sharp rebound from very oversold levels yesterday.
Support can be found at 1310, 1300-1306, 1291, 1277, 1260, 1250, 1207 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 as a minimum.
Resistance can be found at 1320-1322, 1328-1330, 1338-1342, 1352-1355, 1360, 1375, 1400 and 1434. A break above 1434 would suggest a major rally was unfolding with a target of 1525 as a minimum.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short position.