Gold Supported at $1,236

Gold is trading higher in today's session as the bearish camp got exhausted by selling and Gold bulls took things in control. The precious metal reached a low of $1,236 and shortly after, Gold reacted to the upside by a strong tick to a high of $1,246.50.

Gold reached a strong support in the long term as the lowest is actually a third touch point of the upward trending channel that started in December 2015 at $1,046.90. If there is enough buying pressure we can see Gold go for a prior pivot point at $1,290-$1,300.

On the other hand, we are still in a bearish trend started at $1,360 and a break out of the bullish trendline would be a strong sign of a continuation of the bearish run. Below $1,235 there is a lot of room to go.

Chart: XAU/USD D1