Gold grew up strongly yesterday, but resumed its fall today during the Asian session. We should note that the upward move was on large volume, so we can consider opening short positions only after the price to breakdown the yesterday's minimum. The breakdown movement should be abrupt and supported by large volume. A stop loss should be placed above the breakdown volume bar. The target is the support level 1261.10 - 1262.80. As for long positions, we may consider them only after the breakout of the level 1305.00.
The bottom line: short positions are in priority.