Gold retraces following breakout
Gold is turning lower this morning, following the sharp appreciation earlier in the week. Given the triangle breakout and expectation of easing from the Bank of England next week, this bull trend is likely to come back into play before long.
Until then, watch out for the 61.8% ($1327) and 76.4% ($1323) Fibonacci support levels to provide the backstop to this pullback. As such, while we are likely to see further downside in the short-term. This is likely to abate before long, with another move higher likely to occur.