Waiting to short Gold at 1314

Gold on Friday rallied almost 30$ on Friday, tilting the odds towards the bullish view that we go higher above 1400, rather than breaking 1200 in the coming few months. A bottoming process seems to be taking place, and with Fridays move, it looks like the low at 1268 will hold, for a much bigger move to the upside.

For today, I am going counter-trend , a small short line at 1314, hoping to reverse long when and if it retraces lower.

 

---------------------------------------------------------------------

 Update 1 :  We got a small retrace from 1314-1315 today, but it was slow and corrective in nature, hinting at one last move up tomorrow, I think to around the 1320-1321 level.  There is a chance it falls from here overnight, a good chance, but ive decided not to risk it, so ive covered my shorts at 1309, and im hoping to reload soon from a higher price.  

 

 

----------------------------------------------------------------------------------------------

 

Update 2:  Just posting the follow up chart, I am sticking to strategy and building a long position around 1285-1288.. I highly doubt 1275 will be breached, so I will add if I see it lower, but exit all at 1277..