Gold was predicted to rally in to the end of the week and build on the 4 week bull run. As expected we broke above 1257 beating 1265/66 but failed just below the 1272/73 target. We retested support at 1255 which held the downside and could do so again today. However we are overbought short term so if we continue lower look for another buying opportunity at 1250/49. Unlikely we fall any further today but below here an excellent buying opportunity again at 1243/41.
Immediate resistance at 1264 but above here should test 1267/68 with a high for the day very possible. Only a break above yesterday's high of 1270 triggers further buying but bulls must see a close above the 100 day moving average at 1272/73, then a break above 1279 January highs.