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Gold approaching crucial resistance level
Gold managed to rally back from the brink, after attempting to break to a new swing low, below the $1244 level. Despite the fact that the price managed to bounce back from that level, it is without a doubt a potential warning sign that we could head in that direction. Ahead we have a crucial resistance zone, between $1261 and $1264, which will dictate the state of play going forward.
The ability to break and post an hourly lose above $1264 would mean that we are likely to begin trending higher once more in a convincing manner. However, given yesterday’s move back into $1244, there is also a good chance we could see the market turn lower once more from this zone. It is a wait and see situation.