Looking at the daily chart
, we see quite a bit of zig-zag
potential in the near future, we're looking to rally towards the descending trend-line, which may induce some selling, however we think there's some significant support still at the 1177-1188 zone. As such, we're not interested in taking a position on such a down move, but we may be interested in looking for a short after gold
breaks through the trend-line and reaches a significant resistance area
at around 1240-1254. In the meantime, we'd be looking to trade gold
on shorter time-frames.