At the present moment, the GOLD is at an oversold situation. Therefore, it may face a little correction up TOWARD 1280 and baring in mind the quantitative aspect of market playet, it may try to hit 1295+ but not further.
Therefore for STUNT trader, there might be an opportunity to play for a last time a long position towards 1280, but overall, the direction remain CLEARLY 1180 and may be a little bit bellow 1180. Never forget that the rise is always slower than the fall. This is valid for FOREX as well as and Indexes.
In other words, even if the headline goal is 1180 in order to enter in a buy to the market, let's see if by falling toward 1180, the gold may go on an oversold case bellow 1180 to 1120, and even 1060.
Having said that, personnaly I still believe that we should wait and see 1180 before entering in the market for a long position.
William %R and show clearly that we are in an oversold situation, however, the little technical correction may not distract the attention of investor or give an illusive hope for a very long Position