Is gold about to push higher?
Gold has sold-off sharply this week, bringing it within close proximity to the critical $1200 support level. Below there, the uptrend in place since the turn of the year would be negated. However, we have not seen price break below that level and with the indices showing signs of weakness, there is a chance we could see some sort of bounce from here.
That said, we have just broken lower from a wedge pattern, which could be the precursor to further losses. The key here is either an hourly close below $1219 (for a bearish outlook) or above $1233 (for a bullish outlook).