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Gold - increased odds of a bullish move today

FX:XAUUSD   Gold Spot / U.S. Dollar
  • Gold's sharp recovery from the low of $1320 supported by volumes at 4-day high on Thursday if followed by a move back above $1334 (upper end of the expanding channel) today would suggest the bearish momentum may have run of steam and could yield a recovery to $1348-1350 levels.
  • Meanwhile, a failure to take out/sustain $1334 could result in choppy to sideways action. Short-term loss of bearish momentum is seen on account of a sharp retreat this week from near $1380 levels.
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