What was support is now a strong overhead resistance - December 2016 low uptrend line (see daily chart) Expect technical sellers to reemerge at $1264 level Break above will allow buyers to get aggressive again and potentially targets $1295 An AB=CD formation suggest gold to end the year lower But there are a lot of factors riding at the background - any geopolitical tensions could cancel the potential bearish setup
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Rising geopolitical tensions has undo the bearish setup - gold broke free of multi-month downtrend line and the changing landscape need new assessment.