Near Term Trend: Neutral
Fridays Close: $1,255.20 (+$0.60)
UPDATE: Last week, I suggested buying gold at 1261.30 with stops on a close below that level.
Gold blew through support and triggered stops last week. It still isnt clear that gold is in a new bear phase just that its not bullish anymore. Next chances for support come at 1237.60 and 1217.60.
Buys can be made at either support level with stops honored on a daily close below each level. Upside target is now 1321.30.