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Gold – Re-test of channel resistance likely

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1320.67, $1328, $1335.53

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).
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