Gold Tests Top Of Channel
Martin Janson | Jan 28, 2016 05:41AM ET
Gold is currently trading at the top of the rising channel formation it has been trading in since middle of December.
The current level also acts as an infliction point with a possible 3-month falling trendline resistance.
My immediate bias is lower, however, I first need to see a break below the former resistance/new support at 1,110, which should take the rate lower to test the channel's support around 1,090.
A break above the 1,125 and the channel resistance line would invalidate my immediate bearish bias on the commodity.
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