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Gold resilience highlights possible bullish break
Gold has withstood the rally in crude and equities surprisingly well this week, consolidating into a symmetrical triangle rather than selling off as would be expected given the negative correlation.
Despite this weakening of the correlation, it looks more like a statement about the underlying strength of gold rather than anything else. Thus should we see indices and crude sell-off once more, another rally for gold would seem highly likely.
However, as ever, we are awaiting a breakout and close through the first swing high or low for confirmation of the triangle exit. Thus a closed hourly candle above $1214 would point towards a bullish move, with $1232 and $1263 the next levels of note.
Conversely, a closed hourly candle below $1201 would point towards a move lower, with $1191, $1181 and $1170 the next key support levels.