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Gold breaks higher once more
As is typically the case, widespread selling in the equity markets has driven gains in gold, with a break through yesterday’s high of $1253. We are clearly creating continued higher highs and higher lows, which is expected to continue.
However, given the significant rally in play, it makes sense to await another retracement before looking for longs once more. The long-term picture is bullish, with recent months creating a symmetrical triangle following a sharp appreciation.
As such, this short-term bullish trend fits in with the bigger picture and provides confidence that further upside is likely. Resistance levels of note are $1263 and $1270, with support at $1244 and $1238.