Gold pausing after yesterday’s gains
Gold managed to rally through trendline and horizontal resistance, following on from the wider 76.4% retracement, paving the way for a possible return to the $1366 highs before long.
For now, the question is whether we will retrace a decent amount of the $1337-$1351 rally. There is a good chance that we will instead see the price respect near-term trendline support, with a break through $1351 highlighting an end to this current pullback. Ultimately, as long as the price remains above the $1337 level, a bullish view is in play.