I´ve already bought a small piece at 1270 and will keep adding longs as soon as Golld will get closer to 1250 (if it will of course). As per this chart, if the bottoms are broken, Daily 200 MA will be next important barrier and 61.8& fibo should be the ultimate wall for this sudden but heavily expected dump. Wave B if finishing, time for a final correction wave C
If my forecast is correct, we are approaching to the local top for the US Dollar as per chart below
Nevertheless, US market is closed today, so we may have to wait until tomorrow to see some real action. Chart below
But! I don´t think Gold will go down alone. To stay on a correct side of a trade, our main indicator nowadays is the US Dollar. We can stay vigilant in search of new US Dollar lows. When that happens, it is a perfect time to accumulate shorts on Gold.
Hope this helps =)