Gold’s bearish daily closing on Wednesday below $1320 suggests the upticks today are likely to be met with fresh offers and prices would eventually lose height towards $1305-$1300 levels.
A major rising trend line support is seen around $1306, which if breached on daily closing basis would signal a major trend reversal.
On the other hand, a rebound from $1306 followed by a bullish break from falling channel in days ahead would signal a revival of Bull Run from December lows.