Gold had another pop at 1249/50 for a selling opportunity and topped at 1248. Shorts here worked perfectly as we tumbled to support at 1231/30 and almost as far as the next support at 1226/25. Direction will be determined by 1231 today. Below here is negative and targets 1226/25. Below here look for a retest of 1222/20 lows last week. A break lower cannot be ruled out in the bear trend and could target 1208/07.
Immediate resistance at 1238/39 could hold a move higher but above here a selling opportunity at 1243/44. A high for the day is likely but shorts need stops above 1250.
Weekly outlook: 1267/68 did mark the high last week as predicted. The 2 year bear trend has resumed and should eventually target 1180.