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Gold consolidates following sharp rally
Gold is trading largely sideways this morning following another sharp move higher yesterday. With that in mind, the recent bullish outlook remains in place. While we await a signal that this uptrend is set to continue, the potential for a deeper retracement is worth considering.
As such, an hourly close below $1362 would provide a bearish short-term signal for a deeper retracement. However, should price break through trendline resistance and close an hourly candle above $1366, then the bullish view would come back into play for another move higher for gold.