James Chen
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Gold backs off major resistance within recovery

Gold (daily chart) has backed off from major resistance around the 1425 area after advancing to breach that level slightly yesterday. This pullback from resistance occurs after a sharp bullish run of the past week has extended the recent two-month recovery from gold’s late-June depths around 1180. Despite the current slight retreat from the 1425-area resistance, bullish momentum on the two-month uptrend still remains substantial. With tentative support within this steep uptrend now residing around the 1385 price region, a re-break above 1425 could then target further upside resistance objectives around 1475 and then 1530, a major historical support/resistance level.