Gold Lower

Gold is trading lower in today's session after yesterday's high at the resistance of $1,367. The precious metal reached its peak and started declining making a low of $1,350. Gold bulls could not sustain the momentum built from the rally that started at $1,200 so they gave in to the bears who managed to take control and effectively bring price down with more than $15 in a day.

However, considering the strength Gold has gained throughout the year, the rally is most likely to continue as we are especially close to the $1,400 level milestone. In my own view, Gold will reach $1,400 before the end of the month as it is already beyond the downward channel on the long-term starting from the history high of $1,920.

Chart: XAU/USD D1