Gold buoyed by Trump surge
The Trump surge and dollar weakness has meant gold is on the cusp of hitting $1300 much quicker than anyone anticipated. A push through the 50-day simple moving average (SMA) at $1299 would still leave the price in a downtrend off the summer highs.
We would need to see sustained action above $1320 to indicate the pullback has run its course. A turn lower from here would head back towards $1250.