Bullish gold outlook remains despite pullback
Gold has seen a sharp pullback overnight, following a downside break from a symmetrical triangle formation. Price has not broken below the $1346 support level which means we remain within an uptrend. As such, another leg higher seems likely from current levels.
Given that price is currently around the 76.4% retracement, it makes more sense to be long for a move back to $1367 than below $1346 given the 3:1 risk to reward ration attainable. This bullish view would be negated should we see an hourly close below $1346.