Gold eyes $1300
A small bounce is underway this morning after the remarkable price action yesterday. The uptrend for the year has been broken, so it looks like rallies will be sold for the time being. The next target on the downside would seem to be the 200-day simple moving average (SMA) at $1257, which would coincide well with the closing low of 23 June.
Below this the $1207 level comes into play. A rally needs to clear $1275 in the short-term, and then head back towards $1300.