Gold Rebound Loses Momentum: Is It Ready to Resume Lower?

The rebound that started in November has lost its upside momentum and gold is now testing again the ascending T/L support at $2645. A break below this T/L opens the downside again for another leg lower that can take us as deep as $2473.

Key resistance is now at $2720. The fate of the US dollar will clearly affect the metal but don’t forget that geopolitical developments can also have a big influence since gold is one of the best safe heavens.

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