Gold finds itself at the Weekly Central Pivot Point with Stochastics in oversold territory, which suggests a good buying opportunity in the context of a longer term uptrend.
If we break below and close below 1280.40 then we will be looking to short Gold down to the 1270 zone before re-assessing a long position.
This zone should provide strong support with a confluence of factors:
1270.00 even handle
Previous major structure support/resistance
88.6% Fibonacci retracement
Bullish Bat pattern completion
Weekly S1 support level
Without a reason for entry these levels mean nothing. We will only take a trade if we see a reason for entry at these levels based on our predetermined trade plans.