Gold Saved by Support

In the last few days we have been witnessing the ascent of Gold as the precious metal registered a climb from a low of $1,214 to a high of $1,245. The latest was made in the early trading hours of the Asian session today and now price is slightly lower at $1,242. 

With the depreciation of the US dollar, traders and investors have eyed the precious metals as diversification and safe haven. Bulls are in control currently as Gold is trading in the ascending trading channel on the medium term. First bull target is seen at $1,257 and major for the short-term is $1,275. Above that, Gold would be exposed to the bullish momentum away from the noise below $1,300. 

If, however, the US dollar starts to climb again we may see a retreat from the Gold market which could substantially lower Gold's price. Support is seen at $1,220. 

Silver is also in the green this week as price advanced from $16,04 to a high of $16.96.

Chart: XAU/USD H4