Gold rallying after sharp pullback
Gold is benefitting from the weakening in risk sentiment this morning, rallying into the $1244 region. The key thing we need to see for this downturn to be over is a closed hourly candle above $1250.
That is still some way away and thus the bearish view remains until then. Of particular interest is the 76.4% retracement ($1245.5) should price pass this $1244 level. Support levels to note are $1240, $1232 and $1229.