Gold started the new week with the highest levels since mid-November, which is a definitely a great sign for traders believing in a bullish correction. What is more significant is that the buyers recently broke the crucial resistance on the 1,262 USD/oz. which was keeping the mid-term bearish sentiment alive. With this breakout, the sentiment needs to be switched into a positive one, but with a strong reminder that the long-term trend is still bearish. 1,262 USD/oz. will now be the closest major support with 1,257 USD/oz. as a minor one that is slightly below. If the price comes back below the 1,257 USD/oz. level, it will mean that the recent breakout was fake and that the price will have more chances to fall again with a support of the long-term sellers.
