Gold hit support at 1249/48 and bottomed almost exactly here. We have bounced to resistance at 1255 and as the outlook starts to weaken we could head lower from here today. First target is 1248/47 but below here good support at 1242/40, which looks likely to hold the downside. However any longs need stops below 1236. A break lower is a negative signal and could trigger further selling for a target of 1231/30.
A break above 1258 however can target 1264/65 for a second selling opportunity this week, with stops above the 100 day moving average at 1271. Go with a break higher for a test of January highs at 1279.