My buy in target was between 1229-1235 and would be to buy in now. Long till 1265.From 1265 to 1285 .As gold has been so volatile and has broken the , I believe we will start seeing a shift . I do not believe we will reach 1300 this year. I think we may only get to around 1285 on the rebound/correction . In my general experience when a is broken in such a manner it can only spell lower highs as well as lower lows. Having almost reach Mays low of 1217, it would be important to track the price, as buyers may come in, in an attempt to support the 1220 mark for the already discussed reasons.
It is important to monitor the price behavior when reaching 1229.32, as breaking it will extend the correctional wave to reach 1208.92, while the negative pressure will remain dominant unless the price managed to breach 1254.56 level and holding above it. However I do believe golds natural correction cycle will come into play between 1215.