Gold has serious resistance between 1340 and 1360. Once it clears that, then the previous resistance levels are $1415, $1475 and $1550. On the downside breaking $1316 can produce some sharp falls. But either way its going to have a big move soon so I don't think range play between $1310 and $1340 should be a strategy at this time. I see the following opportunities:
1) Buy here or below with a stop at $1316, at that point need to reevaluate whether to short, or 2) Buy when it clears $1360
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Bought at $1333.5 DEC-16 ($4 premium to OCT-16), its like catching a falling knife.
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Bought the second and final unit at $1325.5 Dec-16 ($4 premium to Oct-16), I've now used both hands to catch falling knives.
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By catching falling knives I have bled myself to death. As guessed a sharp fall was a possibility but I didn't think it would happen. I guess I wanted gold price to go up so I was bullish.