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Gold Prices Build Bullish Channel, Rally to Deeper Resistance

Gold Prices Build Bullish Channel, Rally to Deeper Resistance

James Stanley, Senior Strategist

Talking Points:

- Gold prices have finally found some element of strength after ‘bottoming out’ last Thursday.

- Since last Thursday’s low, Gold prices have built-in to a relatively smooth bullish trend channel; but given the veracity of the prior move-lower, intermediate and longer-term stances would likely want to remain bearish until more bullish confirmation is seen.

- If you’re looking for trading ideas, check out our Trading Guides. They’re free and updated for Q1, 2017. If you’re looking for ideas more short-term in nature, please check out our IG Client Sentiment.

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In our last article, we looked at Gold prices after some element of strength finally showed following three weeks of consistently losses. At the time, Gold prices had found a quick bout of near-term resistance around the $1,225-handle, but as we warned, given the extreme over-sold state of Gold prices before that strength began to show, and we could be looking at a deeper retracement as prices moved-higher. This has led into a third day of gains for the yellow metal.

Gold Prices Build Bullish Channel, Rally to Deeper Resistance

Chart prepared by James Stanley

Since the low was set last week, Gold prices have continued to march-higher on the chart, running in a fairly consistent trend channel as bulls have tip-toed into the market with a bit more motivation.

Gold Prices Build Bullish Channel, Rally to Deeper Resistance

Chart prepared by James Stanley

For traders looking at short-term stances in Gold prices, topside plays could be open under the presumption that risk is kept relatively tight while trading price action within the bullish trend channel. For those looking at intermediate-term, or longer-term propositions, the bearish side will likely remain as the most attractive until a deeper bullish move takes out the $1,250 area of potential resistance. On the chart below, we’re looking at three potential areas to watch for resistance above current price action, but below the $1,250-zone. These levels are taken from prior price action swings, and reside at $1,239, $1,243 and $1,248. Should each of these levels get taken out by rising prices, no short setup is available and traders will likely want to begin positioning for bullish scenarios in Gold prices.

Gold Prices Build Bullish Channel, Rally to Deeper Resistance

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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