Gold drifts lower
Gold is drifting lower this morning, following a bounce from the bottom end of the channel that has been in play over the past week. The downtrend remains in play, yet the inability to sharply selloff is somewhat of a warning sign that the overnight rally could be a precursor to gold returning to the top end of this channel.
For a bullish outlook to come into play, a closed hourly candle above $1066 would be required. Until then, the bearish trend continues to be evident. Support levels of note are $1062 and $1058, while resistance levels are $1066, $1069 and $1074.