Gold in an Uptrend Channel

Gold broke the resistance level on Daily hinting a possible exit from the downward channel. It's currently forming a short-term H1 upward channel with its move from yesterday going strong above $20 rise.

Today, however, the precious metal is trading $10 lower due to technical resistance and profit taking. Next level of support would be the area around $1,132 and resistance lays at around $1,160.

Have in mind the meeting between President Obama and Vladimir Putin scheduled for Monday!

Charts: XAUUSD D1, XAUUSD H1