Gold Trading in rising channel

The yellow metal Gold Trading in rising channel. It witnessed a minor degree pullback after touching the upper end of the rising channel. However, it found support at the lower end of the channel and 20DMA and witnessed a sharp up move thereafter. The yellow metal is poised for an up move in the forthcoming trading sessions, which should push prices higher towards 1326 and subsequently towards the high of 1366. On the way down, the swing low of 1302 will be a crucial support level in the near term. Buy on dips shall be the preferred strategy as long as it does not close below the 40DEMA, which is currently pegged at 1293. The daily momentum indicator is bearish.

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