Gold trendline support sparks major bounce
Yesterday we were looking at a major trendline support which was going to absolutely dictate the state of play for the coming days. This has proven the case, with gold rallying heavily ever since. We do expect this to continue, with any pullbacks likely to be bought into for now.
The current red candle points towards some indecision in this rally, but further gains seem likely today, with $1280 the next key resistance level. A break back below $1265 would negate this bullish view.