Gold Trading in the Resistance Zone

The precious metal saw some safe haven buying today and barely touched the resistance line visible best on the H4 chart. Gold rose to $1,128.72 - enough to activate bearish selling and is currently trading at $1,125.xx. Price is still in the bullish channel on the long-term.

A possible correction could be expected in the near-term if Gold remains in the upward channel. If price breaks the level of $1,130 then this could indicate that Gold is ready to take it to the next level, i.e. $1,150.

On the other hand, a pullback towards the level of $1,090 is surely looking like a good deal to bears.

Chart: XAU/USD H4