Gold resurgence under threat
The substantial selloff seen in gold yesterday puts significant pressure on the resurgence seen last week. The problem is that for this uptrend to continue, we would need to see a move back above $1089, which seems a long shot. Alternately, an hourly close below $1066 would bring back the bearish view and this seems significantly more likely.
To the upside, we have $1074 and $1077 as near-term resistance, while to the downside we have trend line support to contend with. Given the long upper shadows on the last two hourly candles, which both top off around $1074, a close above that level would be needed to show that gold has enough in it to push higher.
Alternately, a close below $1071 would provide a clue that we could see a selloff back towards $1070 and $1066 support.