Gold has been on the rise over the last few months and appears very bullish. According to this 7 day Channel Gold is touching the bottom of the channel and could break out or break down. If it breakdown we could see $1280 and which is a strong support area. There we could reverse back up toward 1300.
On the contrary we could also bounce off of the bottom of this channel and swing right up to $1295 which is a pretty tough resistance point. Here we need to break through and reach 1300^^^