Gold trading in narrow rising channel
Gold trading in narrow rising channel
Gold is trading in a narrow rising channel since the beginning of the month. It breached the previous swing high and is rising gradually. Currently, the yellow metal is at the support level of 40 DEMA as well as the lower trendline of the channel. A bounce from the mentioned support is in-line as the overall chart structure shows bullishness. The initial target of $1818 is the 50% Fibonacci retracement mark of the previous fall, whereas the subsequent target is placed at $1850, which is the upcoming swing high, and 61.8% Fibonacci retracement mark of the previous fall.
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