Awaiting gold breakout
Gold pulled back to $1209 support yesterday following a failure to break through the all-important $1219 mark. Following a break and retest of $1200 last week, there is reason to believe we will see gold push higher in a meaningful manner. We would need a convincing break through $1219 to provide greater confidence that this is about to occur.
Conversely, an hourly close below $1209 would bring about a question over whether we could soon be back at the key $1200 level.