The metal is currently trading around Linear Regression Indicator 34 and below Linear Regression Indicator 55 which is negative, but the price has to confirm negativity by breaking the support and trade again below Linear Regression Indicator 34. In fact, the current trading arounf 50% correction at 1285.00 makes determening the next move risky, but if the price breaks below the bottom 1277.00 then the downside move might extend towards the support 1262.00 followed by 61.8% correction at 1260.00.

On the upside, we cannot currently confirm the return of the upside move unless levels 1300.00 were breached followed by stabilizing above 1309.35 at 38.2% correction, or a new intraday technical signal shows. Therefore, we will wait to break below 1277.00 to become negative; if not, we remain neutral.

 

Based on the above, short gold below 1276.00, targeting 1266.55, 1262.00, then 1250.00, and stop-loss above 1296.25.