Gold tries to bounce
Having been sold heavily over the past few days, gold is looking to climb higher. However, this retracement will be another selling opportunity if it fails to break above $1310.
For now the bears remain in charge and should wait for a rally to add to positions. A move above $1310 would target $1335. Meanwhile, if the bounce falters now and moves below $1278, then $1264 and $1246 come into play as potential downside targets.