To be very honest, with the US debt ceiling I am sitting on the sidelines with gold because if can go either way and fast. I do not want to be caught on the wrong side of a trade over the US debt ceiling with political statements coming out of Washington.
Price seems to be in a triangle and I prefer to trade the breakout in either direction it goes.
I believe there could be extreme volatility with the US debt ceiling, where as if I was on the wrong side of the trade, I could get stopped out much lower/higher than my stop was set due to slippage in volatile markets. During major news annooncements and political events that can move the market hundreds of pips in minutes, I prefer to see the reaction first then make my trade.
NY wanted their fill to buy at a lower level. In an uptrend, look at asia open, europe open, and ny open, price will pullback for a long entry, and its just the opposite in a down market, each market will pullback for a short entry, each market wants their fill into the trend. Gold found support at ny open at the 61.8fib from last weeks low to last nights high, this is very typical for gold to find support at its 50% or 61.8% fibs after finding resistance or support. Look where gold found resistace today, the 50% fib from last nights high to ny low. IMO i think this is a reactionary bounce after selling off hard today where price could retest todays lows or go lower to test possible daily TL currently at 1319 to 1318. If price gets down to 1319 1318 and finds support gold could haed back up to the 1350 range of resistance. Strong break of 1318 on the daily chart imo price could test last weeks lows at 1305. Like I said in the description, I will trade the breakout of the triangle or if the US debt ceiling is resolved, once these conditions are met I will go back looking for intraday trades.