Technical Analysis – Gold looking bullish in rising channel
Posted on February 12, 2014 at 9:11 am GMTGold is looking bullish and has formed a rising channel. The market appears to have carved out a base at the December 31 low of 1182.16. The daily chart indicates there has been a relatively strong upside momentum since the bounce off this low. A catalyst for the upside-move occurred when prices broke above the 100-day moving average which was acting as a resistance level around 1270. This area was also the 50% Fibonacci retracement level of the down-leg from [..]