Support - $1310, $1303, $1297.52
Daily chart pattern – Expanding channel formation
- Gold’s recovery from the yesterday’s low of $1310.10 if followed by a break above 5-DMA of $1318 could be an indication of the rally towards channel resistance at $1328 levels.
- A day end closing above the same would signal a continuation of the rise from Dec lows.
- On the other hand, failure to take out 5-DMA followed by a break below $1310 would expose support at $1297.52 (38.2% of May low-June high).