Gold rallying after trendline break
Gold is managing to claw back ground lost over the past week, with the overnight trendline break providing the first clue that we could be due a rally.
With price currently at the key $1330, it looks likely that we will take on the $1332 level once more before long. The ability to post an hourly close above $1332 on the short-term would point towards a stronger move higher, where $1335 and $1340 represent the next resistance levels.
That being said, with price rallying from around halfway into a wider range, there is a good chance that any bounce is simply a short-term phenomenon before we move lower once more.