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Gold - Bullish Momentum Keeps Growing

Gold's short-term upside move continues. The metal has broken hourly resistance at 1113 (08/01/2016 high) and has also broken 50% Fibonacci retracement at 1126. Hourly support is given at 1046 (03/12/2015 low). Expected to show a deeper upside move.

In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. A break of the resistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).

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