Gold back to major support trendline
Today we are looking at the wider picture for gold, which has returned to a major trendline support. This trendline originates from the symmetrical triangle formed through the February-April period. How gold reacts to this trendline will be crucial to the day’s price action.
Given the uptrend in place over the past five months, there is a good chance people are looking to get long. With that in mind, a break higher and through the near-term resistance at $1268 could provide a spark to see this market surge today.
Alternately, a closed hourly candle through trendline support could provide yet another flush lower to continue the recent downtrend.