Gold continued its recent pattern of higher lows and higher highs yesterday, briefly breaking through the upper boundary of the down trend channel at one point, hitting a high of 1330 before backing off to close at 1320.
The US Government shutdown enters it's second week and the situation is becoming more urgent as time goes on, particularly with the "debt ceiling" looming.
After exhibiting weakness for most of the last week, equities, oil and the dollar are seeing a little bit of buying interest this morning, putting gold on the back foot, though with FOMC minutes released this evening, we may not see much action until then.
Support for gold comes in at 1315, 1305-1307, 1300, 1292, 1277 and 1272. A break of 1272 would suggest a return to 1180 was on the cards in the short term.
Resistance is currently at 1322-1325, 1328-1330, 1338-1340, 1353, 1375, 1400 and 1434. A break of 1434 would suggest a new bull leg was under way with targets above 1500.