After having a look at the daily chart of gold, I think that in the short term the prevailing risk is to the downside. While price stays below $1270 we might see another run on the support provided by the rising trend line which sits at roughly $1235 right now.
A break below this level will quickly lead to a test of the $1214 level, representing the neckline of the $1295 double top. If this level fails to provide support, then gold will experience a sharp drop towards the December 2016 lows ($1223).
On the upside if gold manages to climb above $1270 level we should soon witness an attempt to break the $1295 resistance and clear the $1300 psychological level.
Note: This is not intended as financial advice!
Image: chart
