When the price pulled back into the new support from circa $1210, I was anticipating this then a shoot through $1236. Instead price came back down to reach below that $1210 level and continued through below the psychological round number $1200 before reversing. Trendline is just a representation of continued higher lows so the odds now favor a breakthrough $1236 eventually.
Could this be the setup for the gold rally into December/Jan?
If it can break through that resistance strongly then that becomes the new support on a continue reversal pattern forming a continue higher low. RSI is now back above neutral level so I will want this to confirm that the bullish momentum will continue if it can hover above that level.
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