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Gold attempting to break higher once more
Gold has managed to break back above $1200 once more overnight, with price marginally creating a new 53-day high. However, despite this bullish move, we would need to see an hourly close above $1207 to provide a bullish signal.
There is still a risk of gold turning lower from this big resistance region and as such, a strong confirmation becomes important. Alternately, should we see an hourly close below $1188, then this would provide us with a more bearish near-term outlook.