Gold rebounds from critical support level
Gold has finally found some buyers, with the rapid decline seen over recent weeks bringing the price back into the critical $1236 support level. A break below there would have pointed towards a long-term bearish picture coming into play.
However, with the price having rebounded from that support level, pushing through the first intraday swing high of $1255, there is a good chance we could see a more protracted move higher. With gold turning lower, the big question is whether any downside move would be a retracement followed by a rally through $1260 (bullish), or else a fall below $1236 (bearish).