GOLD has an Ultra short-term bounce in the downtrend channel

COMEX:GC1!   Gold Futures
214 0 0
GOLD             fell 29% loss in 2013. Investors lost faith on yellow metal rally. But it quickly found support in the beginning of the new year. Now 1220 level became a current support on last Friday. GOLD             is likely trying to reach 1265-1270 range if it breaks above 1245-1250 zone this week.The daily indicators point out that the price still has some room for upside move. 1250-1245 range is a key zone. A move above it could push price up to 1265-70 or higher up to 1289-1287.50. A fail to move above it could lead GOLD             price stay inside range 1245 to 1180 range. In short term trading, scalping long above 1220 with tight stop loss. If GOLD             does break through 1255 level, also can look for short entry under 1298 level with stop loss 1305.

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