Gold retreats, but outlook remains bullish

Gold’s exhaustion near $1300 levels followed by a retreat to $1277 levels today suggests a temp top has been made at $1295 (Apr 17 high), but reckon the support at $1264 (Feb 27 high) would hold, given the 5-DMA and 10-DMA are still sloping upwards.

Only a daily close below $1264 would signal trend reversal. On the higher side, break above $1295-1300 would open up upside towards