Gold within short-term channel
Gold has seen a retracement higher of sorts overnight following a strong selloff early into yesterday’s trading. While we have trendline support below current price, that is likely to be broken should price close below $1070. Thus the bearish outlook comes back into play below $1070.
However, until that happens we could see this short-term ascending channel continue to see gradual gains. Resistance levels are at $1075, $1077 and $1079. Meanwhile, a close below $1070 would look towards near term support levels of $1068, $1067 and $1064.