Gold price continues to trade inside the upward sloping channel. Price made a new higher high today coming closer to our next target of $1,806. Price continues making higher highs and higher lows respecting channel boundaries and support levels.

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Blue lines- medium-term bearish channel

Green lines – bullish channel

Gold price as can be seen in the 4 hour chart above remains inside the bullish green channel. Trend remains bullish and our target of reaching the upper boundary of the bearish medium-term channel is very close. As long as price is above $1,760 bulls remain in control of the short-term trend. Resistance is now at $1,810 and $1,825.

The material has been provided by InstaForex Company – www.instaforex.com

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