Gold ran into resistance at 1319/21 which just held the topside as we topped almost exactly here at 1322.50. Immediate support is 1306 and may hold the downside once again, but a break below 1304 keeps the market under pressure for a test of excellent support at 1295/94. Exit shorts and try longs here, with stops below 1288.
Immediate resistance is at 1319/21, but a break above 1323 could reach resistance at 1328/29 then a selling opportunity at 1335/36, with stops above 1340.
Weekly outlook: Last week's close below 1319 starts this week on a negative tone and failure to hold support at 1306/05 targets good support at 1295/94. A bounce from here is expected, but if we continue lower look for trend line support at 1265/60. Weekly resistance at 1319/21 then 1341/43 could hold the topside.