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Gold rallying once more
Gold is rallying heavily this morning, following on from a pullback to the $1085 support level. The breakout from a descending channel last week provided a bullish outlook which has yet to really materialise.
However, price is clearly beginning to show signs of resurgence, with the move back above $1093 crucial. As such, a bullish view is favoured, with resistance levels of $1095, $1097, $1099 and $1108 in view.
To the downside, the $1089 level is expected to hold should we see a retracement.
However, should price close back below $1085, this would negate the bullish view.