Gold Retests Breakout Level to the Pip

Direct from the desk of Dane Williams.

After Gold printed a new swing high and broke out of daily resistance, we last night saw the metal retest the zone this time as support.

Click the link to our previous Gold blog to see the daily level in question, but the retest is shown clearest on the hourly below.

XAU/USD Hourly:

I'd spoken about being cautious of trading breakouts around major swing highs and lows such as this one, but that retest certainly adds to the conviction around the move.

It is pretty cool that price retested the previous high as support, literally to the exact pip before bouncing again!

Best of probabilities to you,

Dane.