Gold just holding minor resistance at 1224/25 but the main challenge for bulls today is resistance at 1233/34. If we have just seen the low for the 1 month correction then shorts here will be risky of course as bulls gain control. If you decide to try, stop above 1238. A break higher however targets a better selling opportunity at 1244/45, with stops above 1251.
3 month trend line support, now at 1216/15 has made a low for the 1 month correction as we suspected in such severely oversold conditions. However if we do break lower, I would feel much safer buying at more important 500 day and 100 week moving average at 1209/07. Try longs here if we fall further, with stops below 1201. A break lower is a sell signal however targeting 1197/95.