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Gold breaks key resistance level
Gold has finally broken through the crucial $1264 resistance level overnight, after an attack by the US on a Syrian airbase saw a flight to safety. Crucially, the break through $1264 means that we are looking at a wider bullish continuation move for the market.
The long upper shadow on the large overnight candle points towards a new swing high being created and, as such, a retracement could come into play here. However, as long as we do not see a break below $1250, any pullback is seen as a precursor to further gains. Conversely, should we see the $1250 level broken, it would largely negate this bullish view.