Gold might move higher towards $1240 on a break above $1220. “Despite recent decline to new swing low we see gold trapped in range so our view remains unchanged. We see three legs from 1220 so price is expected to continue higher, especially after recent strong rally from 1175 and slightly above the upper line of a corrective channel. That said, we assume that wave b) is completed and that we will see higher prices within wave c) of (b) that can be targeting 1240 once 1220 is taken out.”