Gold Bucks Month-Long Downtrend
No position.
The daily chart shows a bullish break from the downtrend that began in early June at ~$1,300/oz.
Gold has strong support at ~$1,200/oz on the weekly chart - a level it has visited 3 times since breaking it as resistance in late January.
Look for a break of the channel between ~$1,200/oz and ~$1,300/oz for confirmation of a new trend.
The daily chart shows a bullish break from the downtrend that began in early June at ~$1,300/oz.
Gold has strong support at ~$1,200/oz on the weekly chart - a level it has visited 3 times since breaking it as resistance in late January.
Look for a break of the channel between ~$1,200/oz and ~$1,300/oz for confirmation of a new trend.
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