FX.co ★ Gold and the bullish channel

Gold price has broken above the downward sloping resistance while respecting the lower boundary of the bullish channel. Traders were expecting this week to see if Gold would hold inside the bullish channel.

Green line - resistance

Gold price is recapturing $1,950 and bulls their hopes for a new higher high above $2,066. Trend remains bullish as long as price is inside the blue channel. Breaking above the green trend line resistance gives us hopes that next week we could see Gold price back above $2,000. Key support remains $1,900.