Gold has risen to a high of 1220 and fell near 1080. The recent moves on the daily chart has attempted to make higher lows, forming a possible up trend move. Will the bull be strong enough to push it for new highs?
Gold Daily Chart
As from the daily Gold chart above, it seems that there is a current deep retracement and the current low being a higher low hints to a possible up trend continuation.
But the perspective at the lower time frame suggest a different view.
4 Hourly Chart of Gold
The downward channel reveal that the current spot price of Gold is near to the top of the channel. This could be a strong resistance level which Gold must have a definite break up to confirm a bullish move.
Lastly, it could be that the downward channel is strong, providing a resistance level whereby Bears will be eyeing to short it further.
