Gold in US dollar terms has spent the last month correcting roughly 5%. Things weren’t looking good for gold bulls at today’s lows but buyers showed up right at the key moment and price reversed and closed above the key support level, $1310, on a closing basis:
Gold (Daily)
Today’s bullish reversal sets the stage for a snapback rally to backtest the 50-day moving average from below (~$1340), meanwhile, $1310 now serves as crucial support with the ~$1290 area representing the next level of interest if $1310 is decisively breached.
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