Gold Steady On Its Way Up

Gold is trading slightly down in today's session going to a low of $1,328. But on the longer-term, Gold has been trading in an upward channel since the end of May with a starting price of $1,200. Bulls need to be especially active now as price retreated from a high of $1,345 after the precious metal found the needed support at $1,311.

Bears, on the other hand are trying to push price below the support line at $1,325. If we get there and price closes above this for the week, then the next week the depreciation has a great chance of a continuation.

First bull target is to break the first resistance at last high $1,346, while bears have to go through $1,330 first and then close above $1,325.

Chart: XAU/USD H4