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Gold consolidating after channel break
Gold is proving remarkably resilient following a bearish shift last week, after price fell out of an ascending channel and below the key $1228 support level. We have since seen a period of consolidation, with a symmetrical triangle coming into play.
Ultimately we need to see a break through $1219 to provide a bearish signal. However, to the upside it is more difficult as any rally that falls short of the $1245 level could look like a retracement of the pullback from that level. As such, a push through $1245 is required to become bullish once more.