My preference: Long positions above 1255 with targets @ 1260 & 1274 in extension. Alternative scenario: Below 1248 look for further downside with 1240 & 1230 as targets. Comment: We see that the gold finds daily resistance in the area 1250/53 and it is still not doing a certain break. It looks that the gold has created a “cup and handle” formation. Maybe this is a good opportunity to try a long position.