Gold shorts at 4.5 year trend line resistance at 1292/94 working perfectly again today as we look for first support at 1283/82. Obviously I am looking for a correction now and below 1280 keeps the pressure on for a test of good short term support at 1272/71. Watch for a low for the day and a possible bounce from here...perhaps to 1279/80. (It is worth keeping a core short position though).
A selling opportunity in the 1290/95 area. We have further short term trend line resistance at 1301/02 so it is only a clear and sustained break above here that signals a very bullish breakout. I would wait for at least 1 daily close above here for bullish confirmation before buying in to longs - there is of course always the risk of a spike higher to trigger stops at such a major level before prices collapse. If a sustained breakout is seen however we have the first confirmation that gold is starting a longer term bull market.