Awaiting golden resurgence
Gold is trading within a triangle formation, as the creation of higher lows is negated by lower highs. However, the precursor to this was a failure to create new lows following the March sell-off, which provides a slightly bullish slant to proceedings.
Ultimately we will take our lead from a closed hourly candle above $1237 or below $1208 for a strong directional play. A closed hourly candle above $1237 is the preferred scenario, which would look for a return to the bullish sentiment that dominated January and February. This would subsequently look towards $1244, $1260, $1271 and $1284 as the next major resistance levels.
Conversely, a closed hourly candle below $1208 would look towards $1191 as the next major support.