Gold coming back up?
Gold tumbled back below $1200 last night but managed to claw higher, with this key level still providing some signs of buying pressure. However, it still needs to create a new higher high above $1215 to indicate further upward moves are on the way.
A close above $1220 would be the definite sign that more gains are in store. If $1200 breaks, we could see a move to $1180, the 27 January low, with the possibility this will be followed by further falls in the direction of $1124 and the December 2016 low.