24.01.2014- Gold is starting to correct
The price of gold has reached a strong resistance level at 1265, which coincided with the upper boundary of the local upward channel. The increase has been caused by the drawdown on global stock indixes, as well as the depreciation of the dollar, which is due to weak data on the flash manufacturing PMI. We expect that the price will continue to move within the channel. It will be hard to overcome the resistance at 1265 without further correction at the stock markets.