Gold pullback could bring buying opportunity
Gold has been pulling back after a rebound from the bottom of a wider range between $1307 and $1367. With the price seemingly starting to move into a more bullish phase, this pullback looks like it could be a short-term move before we see gold move higher once again.
Given that the price is around the 76.4% retracement, there is a good risk to reward associated with long positions around here. A fall below $1304 would negate this bullish view, but look for a break below $1301 in particular to potentially pave the way for a bearish breakout.