Currency analyst

XAU/USD: gold resumed trend

On the daily XAU/USD chart there was unsuccessful test of the lower border of the medium-term uptrend channel painted in red. It points at the weakness of the bears. If the bulls manage to overcome resistance at $1365-1370 an ounce, the way to 1410 will remain open.

On H1 XAU/USD the bulls managed to overcome resistance at $1350, which is now acting as support. The main goal of the bulls – to hold above this level. Success will increase the risks of testing $1360 an ounce and reach the $1364-1367 convergence area. Failure, on the other hand will lead to a decline to $1330-1340.

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