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Gold finds new higher support
The strength of gold was highlighted yesterday, as price broke through an absolutely crucial resistance level at $1191. This provide a bullish medium to long-term view for gold given that we have now broken up out of a falling wedge and taken out the first swing high resistance level.
Looking at the shorter-term, there is a clear new base being created here which provides confidence of another move higher. As such, as long as we do not see a closed hourly candle below $1205, a bullish view is held for another leg higher. The next major resistance level of note is $1232.