Gold resurgence looks temporary
The bounce seen in gold yesterday has brought the price back to the 50-period simple moving average (four hour), with it failing to close above trendline resistance. The price of gold has been on a clear downward trend and despite this respite, we have seen no signs that this upside will last. As such, unless the price closes above the $1081 resistance, further downside seems likely, with support of note at $1064 and $1053. Resistance levels to watch are the trendline and SMA convergence, along with $1077 and $1081.