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Gold – Falling channel established, eyes $1300

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold’s bearish daily closing on Wednesday below $1320 suggests the upticks today are likely to be met with fresh offers and prices would eventually lose height towards $1305-$1300 levels.

A major rising trend line support is seen around $1306, which if breached on daily closing basis would signal a major trend reversal.

On the other hand, a rebound from $1306 followed by a bullish break from falling channel in days ahead would signal a revival of Bull Run from December lows.
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