Gold's bounce on Friday was to be used to enter fresh shorts with resistance at 1325/26 but prices topped just below at 1323. Outlook remains negative and we could resume the longer term bear trend this week. Immediate support is 1317/15 today but below here a retest of 1311/09 is likely. A break lower today is not out of the question and targets 1304/03. A good chance of a low for the day here but if we continue lower look for good support at 1298/97 for a short term buying opportunity.
Immediate resistance at 1324/25 is worth trying shorts with stops above 1328. If however prices continue higher our selling opportunity at 1331/33 could work again. Shorts here need stops above 1337.