Gold consolidates after yesterday’s sell-off
Gold continued to move lower yesterday, following the risk-on sentiment that has been hurting this market over the past week. Crucially, we have not broken below $1298 to negate the uptrend of recent months.
However, with the price having dropped convincingly below the 76.4% retracement, there is a good chance we could see a break back below $1298 to bring a more bearish outlook. Conversely, a break above $1334 would point towards gold resuming its uptrend.