Gold rallies towards top of range
Gold is seemingly trying to create a bottom over the past two months, with recent price action forming a new higher low and high. Certainly this is a bullish sign for the medium term but with recent experience showing significant volatility and choppiness, any gains are unlikely to last.
The key will be whether we can see a breakout above $1100, to escape from this pattern. However, for now a choppy grind higher seems likely, with $1081, $1089 and $1100 the key resistance levels.
To the downside, $1060 is the key, as a move below would mean the creation of a bearish view once more.