Gold to continue retracement?
The gold rally from last week certainly saw markets get a little carried away and at some point this was likely to fade. We are seeing that move lower now and as such, we expect more of the same until a signal arrives that the retracement lower is over.
Thus, a short-term bearish view remains unless we see an hourly close back above $1214. Resistance levels of note are $1205, $1214, $1232 and $1263. Support levels to watch are $1191, $1181 and $1170.