Gold upside breakout rising channel
Gold’s weekly chart shows that it has surpassed the 50% Fibonacci retracement level of the entire fall, which was started in September 2011 until December 2015. Currently, it also gave a breakout of the rising channel, which began after the previous mention fall ended. Now the further level of the upside is placed near the level of $1591, which is near the 61.8% Fibonacci retracement mark of the previous downfall. If the level of 61.8% Fibonacci retracement mark is surpassed then we may see the further escalation towards $1738, which is at 78.6% Fibonacci retracement of the fall. Near-term supports are placed at $1481 and $1470, respectively. Medium-term indicator KST is also in a positive zone.
