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Gold pulls back to trendline support
The weakness seen in gold over recent days was unexpected given the look of a bullish triangle breakout in play. However, the sell-off has taken us back to trendline support which is currently around $1240.
Yesterday saw price action fall down towards this level and rally heavily. Thus another move lower would be looking at $1240 as an important level of support.
Alternately, an hourly close candle above $1259 would signal a more bullish outlook, with resistance levels at $1263, $1273 and $1280 in view.