Gold prices have been working lower for several weeks but have hit near-term support at 1084.8 – 1098.9 and responded to the upside.
The turn higher suggests prices remain in a big picture rotational phase while above this support zone and while below resistance at 1159.1 – 1174.4.
A move below support or above resistance would shift the long-term prospects for the metal and suggest a sustained move in the direction of the break as underway.
While between these zones, expect price action to continue to oscillate from support to resistance and back again.
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