The shiny metal has formed a new ascending channel, and with the head and shoulder pattern it made on the daily chart, gold is expected to keep climbing over the short term. However some dips are expected to happen to touch the bottom of the channel to gather some momentum.
The trading range is among the key support level at 874.00 and the key resistance level at 911.00.
The general trend is to the upside as far as 810.00 remains intact; targets are set at 1080.00 and 1170.00.
|Buy Gold above 875.00 with a target at 885.50 and a stop loss below 871.40|