Gold hit good support at 1287/85 for a buying opportunity, with stops below 1280 and this trade worked perfectly as we bottomed at 1282. Prices immediately rocketed higher towards our selling opportunity at 1295/97 to exit longs and try shorts with stops above 1300. A perfect 10 points profit on the day. Outlook is mixed as we trend sideways and the same trades apply for today.
On a breakout below 1280 however look for a move towards 1277/76 then 1271/70. If prices continue lower this week look for 1267/66 then important key support at 1264/62 for a buying opportunity.
Above 1292 sees another selling opportunity at 1295/97 to exit longs and try shorts with stops above 1300. A break higher is not out of the question however and could then target resistance at 1305/06. Try shorts with stops above 1309. If prices continue higher this week look for a selling opportunity at 1312/13, with stops above 1316.