Gold traded higher on Friday after it hit support near 1225 (S1) on Thursday. The metal sill oscillates within a sideways range between the 1210 (S2) obstacle and the resistance zone of 1278, and as a result, I would hold a flat stance as far as the short-term outlook is concerned. For now, I see signs that the current rebound may continue for a while, perhaps for a test at 1243 (R1). A clear break above that barrier is likely to confirm the case and perhaps open the way for the 1260 (R2) area. Shifting my attention to our short-term oscillators, I see that the RSI edged higher and now looks able to move above its 50 line, while the MACD has bottomed and just poked its nose above its trigger line. Switching to the daily chart, I would hold a flat stance as far as the broader trend is concerned as well. I prefer to wait for a clear move above 1278 before I get confident on the resumption of the prevailing long-term uptrend. On the downside, I believe that a break below 1200 (S3) could signal a medium-term trend reversal.