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Gold turning lower from trendline resistance
Gold has started to reverse lower following a rally into trendline resistance, with the market looking likely to fall back into the wider downtrend that has been in play for over four months now.
In fact, should we see the price close out the week above $1183, then this would be only the second positive week for gold in over two months. Thus further downside looks likely from here, with a break above the $1202 level required to bring about a more bullish outlook for the short term.
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