31.01.2014 - Gold continues to move within the channel
Gold continues to move within the channel. Gold prices fell because of the growth of U.S. stock indexes and the dollar strengthening. The price has reached the lower limit of the local rising channel and consolidates above the strong level on 1242 dollars per troy ounce. In case of breaking through the channel boundary, the price can reach support line at 1220. Growth is limited by the resistance at 1265.
A strong fundamental stimulus and decline of the U.S. indexes will be needed to overcome this level.