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Gold breakout falters at the first hurdle
Last week’s bullish breakout in gold failed to stick, with the creation of a double-top subsequently driving prices back below the crucial $1284 level. That level represents the pivotal price to watch out for today, as we could easily see the current resurgence falter at this highly notable level.
Given this recent weakness, accompanied by the double-top pattern, further losses seem likely in the short-term. This view holds unless price breaks back through the $1287 level. Support levels of note are $1280, $1273 (double top projection) and $1271. A closed hourly candle above $1287 would point towards a resurgence of the long-term bull trend, with $1300 and $1304 the next major resistance levels.