Gold back at crucial trendline support
Yesterday brought about a nice bounce in gold, as the ascending trendline held once more. We have seen yet another move down to the $1271, ascending trendline and 100-SMA support today. This provides a good bullish indicator for yet another rally in this market.
Of course, there is a chance we could see a break lower and thus an hourly close below $1268 would negate this bullish view. However, there seems a good chance we will rally from here and thus a bullish view is in play, with $1280, $1282 and $1289 the next key resistance levels.