Gold rallied overnight to $1214.90. It needs to get above $1215 to support another attack on $1220. Prices are pulling back and trading near $1208.50 as I write. Gold needs to hold $1206 and turn higher in the coming hours to support another advance. Below $1204 and the short-term pattern will likely break lower.
The dollar is above the green cycle trendline. Gold is ignoring this at the moment. However, If the dollar continues its advance, gold will likely rollover.
I’ll update again after 10:00 AM.