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Gold shows signs of life at major support level
Gold managed to rebound from very close proximity to the $1236 support level, providing some signs that we could be due a more protracted bounce going forward. The move above the $1255 swing high points towards the possibility of a bullish phase coming into play. A break below that $1236 level would provide a wider bearish outlook, paving the way for a possible breakdown in the price beyond what has happened over recent weeks.
Given the wider importance of that $1236 level, we are either looking for a bearish move below $1236, or a possible rebound as long as the price remains above that level. With that in mind, there is a good chance that the weakness we are seeing today is part of a retracement before we move higher once again. Look out for Fibonacci support as potential bullish reversal points, with a bullish short-term outlook remaining as long as the price is above $1236.