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Gold back at trendline and Fibonacci support
Gold has sold-off into the crucial $1271 level, which sees the confluence of an ascending trendline and 76.4% retracement. There is a strong chance that we are seeing a wider bullish reversal, given the bounce seen earlier in the month. However, for now, we have no bullish signs in the short-term.
As such, a move back up above $1284 would provide that bullish outlook. Until then, this confluence of support looks like an interesting area for potential longs. A break below $1261 would negate the potential for a bullish rebound from here.
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