is Gold going for $1270???

Gold closed at 1339.10 on COMEX on Friday and a sudden rise seen from its bottom of 1309.10. on Friday there was a steep correction in SNP500 and gold is safe heaven investment that was the reason we saw a vertical rise in gold or we can say it a relief rally after a once side correction from its top of 1426.03 made on Jan 03, 2011 technically trend is still down on daily and weekly chart and trader can create short positions till gold not sustain above 1355-58 zone this is a very stiff resistance zone for gold and again we can expect 1270 zone in coming days for gold. If gold sustain above 1355-58 zone it can neglect our bearish view in gold. On Monday 1^st trading session very play an important role in gold if it slides in 1^st session then aggressive traders can create fresh shorts and we can see fall in gold again with good volumes. As per this trade setup gold is making bearish divergence on 240 on its 14 period RSI and day high of Friday and our said resistance zones will play important role for gold.

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