Long Gold Double Support Bounce

The old resistance becoming support (S1) crossing together with the more recent support line (S2). In the event Gold does drop, S2 would act as the buy level, while R1 would be the sell level, until the Risk/Reward ratio would get too small.

Would not hope for a break above R1 due to the downtrend of gold and strength of dollar. If it does will be looking for a decent entry to open a short position.