Gold beading towards critical resistance level
Gold has enjoyed an incredible rally this week, thanks in no small part to Donald Trump’s antics. We have seen the price break through trendline resistance, with overnight consolidation likely to resume the uptrend.
A break through $1289 points towards a continuation of this recent trend. However, the big hurdle comes at $1296, which, if broken, would lead to a bullish outlook for the long term. In the meanwhile, a break back below $1284 would point towards a period of downside to take a breather.