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Gold pullback unlikely to stem tide of buying
Gold pulled back into the 61.8% retracement yesterday, as fears over North Korea eased somewhat. However, with another test seemingly just around the corner, not many investors are willing to trade against gold at the moment, leading to increased confidence that this uptrend will persist.
With that in mind, coupled with the fact that we have not broken to a new low, it makes sense to look for gold to rally from here. A break below $1326 would negate this bullish outlook.
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