1200: An Important Level

Gold could drop another $25 next before starting a fresh proper rally. I expect it to return to and breaking the 1240 level, which will continue its ascend towards the 1300 levels.

I will flip to short if it breaks and holds below 1180.

Comment:

Being bullish on gold personally, this worries me a little bit. I think if we don't hit the bottom red zone we'll have to flip short for the following weeks to come.

I've drawn the red arrows wrongly.