Gold – Re-test of yesterday’s low likely

FX:XAUUSD   Gold Spot / U.S. Dollar
  • Despite gold’s rise on Thursday on the back of strong volumes, a subsequent failure to extend gains beyond expanding triangle resistance on daily followed by a rejection at 10-DMA in early Asia suggests a fresh sell-off to previous day’s low of $1310 is likely.
  • A violation there would expose rising daily trend line level of $1307.
  • On the higher side, only a daily closing above $1337 would signal bearish invalidation.
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