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Gold showing tentative signs of a resurgence
Gold has rallied into the $1265 resistance level this week, providing a new higher high. This points towards the market possibly reversing some of the losses seen earlier in the month.
For now, an hourly close above $1265 could provide a bullish signal, whereas a move lower would look like a retracement and precursor to another move higher. As such, look out for any retracement to bounce within the 61.8%-76.4% retracement region.
This bullish outlook remains unless we see an hourly close below $1246.