However if the should develop further as I think so, the next key support levels will be found at 1240$, 1218$ and lastly 1179$ which is the confluence of the low of 2013 and the lower of .
So far the picture is also backed by fundamental as the dollar is boosted by rate hike speculations.
I wouldn't be long at 1240$, a reversal play is rather risky given the current strength of the trend and all the bearish technical configurations triggered lately Bardhok. I'm not saying that Gold is not due to a slight pullback from 1233$ low to the resistance zone of 1240 - 42, to me it will be an entry point to reenter a short trade. cheers