Gold falling after overnight rally
Gold rallied into the 76.4% retracement overnight, as the OPEC deal pushed for a risk-off tone to markets. However, with gold having created yet another lower high, the bearish outlook remains in play for a break back below $1318.
We are currently around halfway into the triangle pattern that has been in play over the past three months. As such, further downside is justified on the wider timeframes too. Thus a bearish view remains in play unless we see an hourly close back above today’s high of $1326.