Gold broke through trendline support yesterday and once 1350 went there was little to hold it. 1338 was its next target, and just now we have broken this as well. There seems to be a want to sell Gold from some larger institutions worldwide and I believe we are going to trade lower to the 1332/21 area quite quickly.
Prudent to cover shorts to here as this is quite a significant level. However if we do not hold here then we take the lead from the weekly charts and look for the market to trade lower to the 50% weekly Fib level of 1301. Now this is excellent support and will decide the direction for Gold for the coming summer months. If we fail to hold here then we are looking at a longer term target of 1155. So you can see the significance of this 1321 to 1301 support.
Resistance ( is futile ) sorry, a little joke for the star trekians. Resistance is at 1348/49 possibly back to the break of trend at 1355 but here we would want to be selling Gold once more.