Gold gains amid risk-off sentiment
Just when you thought gold was dead and buried, it has seen life breathed back into it with the widespread selling that has dominated the indices.
The continued upside is tied to weakness in indices and thus it is worth watching both markets if trading gold. The key here is that we remain within a downtrend and thus a close above $1223 would be required for a bullish view to come back into play.
Until then, the 76.4% retracement is the most important resistance point to be watching in the near term.