Despite Dollar strength Gold price remains above recent lows at $1,302 and continues to respect previous resistance now support at $1,300. Breaking above $1,317 will open the way for new highs.
Purple lines - bullish channel
Yellow rectangle- support
Black rectangle - resistance
Gold price remains in a bullish trend. Price is above the $1,300 support and still inside the bullish channel. Resistance is found at $1,317 and if broken we should see a test of $1,326 at least. A rejection at $1,326 will most probably lead to another move towards $1,300. If we break above $1,326 we should expect Gold price to reach $1,340-50 area.
The material has been provided by InstaForex Company - www.instaforex.com