Will gold turn higher once more?
Gold has pulled back overnight, set within a clear two-week uptrend. According to that short trend, we expect to see the price rise once more this morning. While that appears to be happening from the 50% retracement, it is worth noting that there is a huge hurdle above at $1264.
As such, while we could clearly break higher from here, the bullish view holds much more value upon breaking through $1264. A break and hourly close below $1241 would provide a more bearish picture.