Near Term Trend: Bearish / Neutral
Sunday @ 11pm EST: $1,229.70 (+$2.20)
UPDATE: Last week, I suggested shorting gold near 1239.60 with a downside target of 1191.
Gold seems to have traced out or is still in the midst of tracing out an abc upside correction. Resistance can either come in at 1,232.30 or 1,236.50. Anything above that and the bears lose.
Sell longs at 1,232.30 and look to go short on an extended move up to 1,236.50. Stops on any close above 1,238 and use 1,191 as a target.