Gold has eventually managed to decisively break and close above the last Fibonacci retracement (61.8%) of the 676 - 559 trip and started the full retracement back towards 675, as noted in a previous post. The upper bull trend channel from October and the previous highs at around 655 might pose some resistance while 630 should become support.
The bullish route is backed by higher commercials net shorts and finally by increasing open interest (as seen in the chart above) which strengthens the trend.
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