28 Jan 2016

GOLD TESTING THE TOP OF THE CHANNEL

XAU/USD H4

Gold is currently trading at the top of the rising channel formation it has been trading in since middle of December.

The current level also acts as an infliction point with a possible  3-month falling trendline resistance.

My immediate bias is lower, however, I first need to see a break below the former resistance/new support at 1,110, which should take the rate lower to test the channel's support around 1,090.

A break above the 1,125 and the channel resistance line would invalidate my immediate bearish bias on the commodity.


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