Despite the fact that gold purchases before the New Year in China have ended, the price of metal continues to hold within the local rising channel. Bulls can be supported by the continued correction on the stock markets, which in turn will increase investor's interest in protective assets such as gold. To overcome the levels of 1265-1270 dollars per troy ounce we will need a significant fundamental driver. Now it is possible to open a long position with a short stop below 1238 and target price at 1277. A signal to enter into a long position is a rebound from the bottom of rising channel.
Wish you the profits!
FXFINPRO Capital Analytical department.