Gold this morning attempted to break its new resistance level on $1305 which it failed to do so. We believe prices will go lower than the current level at least until $1291ish level. Where we can see a little support in longer run if we do not see gold rise we can see prices near $1240 (which can offer some good returns on trader's short positions) however if it continues it is also possible for us to see $1330 once again.