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Gold pulls back following notable rally
Gold has managed to break through the notable resistance level of $1209 on Friday, following a pullback to $1200 last week. This looks to pave the way for a period of strength for gold, yet the key challenge to overcome will be $1219. This morning has seen the market fail at that level, with price currently pulling back.
However, given Friday’s price action, this looks like a temporary retracement before we push higher once more. As such, as long as we do not see an hourly close below $1199, then a bullish outlook remain in place. Support levels of particular importance are $1209 (50% retracement and previous swing high) and $1204 (76.4% retracement).