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Gold at key H&S neckline
Gold has weakened back into the $1232 support level this morning, which should dictate the state of play for the day. An hourly close below that level will give us a good chance of the market selling off heavily once more.
Should that occur, it would provide a retracement to buy into, as the current move is expected to be a short-term pullback, within a resumption of the uptrend evident in early 2017. As such, an hourly close below $1232 would point towards short-term downside, yet the bullish view starts coming back into play around the $1227-$1223 region. A break back below $1216 would negate this wider bullish view.
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