1295 - that's what you need to keep in your head if trading Gold at this time. Until it didn't establish itself somewhere higher between 1300s and 1400s, 1295 will be your at the same time.
Currently, we are not far from it. If you want to enter a position today, then you could potentially go LONG , but stay sharp at that key level. The 1295 has been a great resistance for Gold in April and June this year, where Gold formed a beautiful . Now, looking at the chart today, it is not clear yet, what exactly it wants to form. And do love to form textbook figures for sure. If you something that I am not seeing, then please do share with me.
If the 1295 will be easily broken to the upside, then this potentially could be a new trend up. If the 1295 are will hold for a while, then this will be hitting my alarm bells, because the market likes surprises and we could see some good SELLing action. Especially, if all the major indices will be feeling good, due to the upcoming Christmas rally. And we know that markets love this time period. So that is why I will stay neutral for now, because there could be a situation that all the Gold Bugs will jump into equities for the time being.
So, be careful and keep an eye on the price action!