Gold looks to be turning back onto bearish path
Gold is regaining ground this morning, following last week’s strong sell-off. With the price having moved into the 76.4% retracement of the June-July sell-off, it looks likely we are set for a period of downside.
This current rebound looks like a short-term move higher, with selling preferred, as long as we do not see a break back up above $1271. A move back into the $1265 region would look like an attractive selling opportunity considering trendline resistance.