Gold trading sideways from support at 1306 up to resistance at 1319/21. We can trade these levels again while we wait for a breakout. A break below 1304 today keeps the market under pressure for a test of excellent support at 1295/94. Exit shorts and try longs here, with a low for the week likely, but use stops below 1289.
Immediate resistance at 1319/21 but a break above 1323 today 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.