BCMel
Long

Gold breaks another key resistance/support level

FX:XAUUSD   Gold Spot / U.S. Dollar
Spot gold has shown determination to resume its bull run after a near four-month consolidation period, which is normal in the big scheme of things for gold (see monthly chart of gold's big run up to 2011).
The next major resistance zone is 1514-17 at which point a 38.2% Fib retracement would not surprise.
Gold fundamentals remain strong with the banking sector looking increasingly shaky, despite the Trump-driven economic confidence in the US.

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