_SML.png/jcr:content/renditions/original-size.webp "Gold price chart")
_LRG.png/jcr:content/renditions/original-size.webp "Gold price chart")
_SML.png/jcr:content/renditions/original-size.webp "Brent price chart")
_LRG.png/jcr:content/renditions/original-size.webp "Brent price chart")
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Gold’s pullback could bring further upside
Gold has been trading higher in a consistent manner this week, coming off the back of Friday’s break through the key $1229 resistance level.
Given the bullish short-term view, this current retracement looks like a possible buying opportunity. The preferred area for longs comes at $1234-1235 given the risk-to-reward implications. A break back below $1233 would negate this bullish short-term outlook.
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