Looking for a rejection on the resistance level before entering a sell, as there is potential for XAU USD to break through the resistance level.
Gold touched the lows of January early in the week but has bounced back and is now at the best levels since last Friday.
The rebound underscores the $1275-$1300 range that's characterized gold for the past three weeks. We're still in the countdown to lunar new year with China on holiday the week of Feb 4. That's a tailwind for gold but it needs to break above the top of the range to generate any real momentum.