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Will Gold find support from $1200 mark?
Gold has managed to find a bid, following a move down to $1195 last week. Crucially, we have seen the price break through the key $1220 resistance level, forming a bullish falling wedge pattern since. This retracement is expected to resolve with a move higher, where an hourly close above $1205 would point towards another leg higher.
As such, it looks like we could be seeing some form of bottom here for gold, with an hourly close below $1195 required to prove the downtrend is back on.
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