Gold takes the bids inside a two-week-old rising trend channel, crosses 61.8% Fibonacci retracement of January month declines. The channel’s support, 50% Fibonacci retracement restrict the short-term downside. Early-month top on the buyer’s radar. Gold prices take the bids to $1,586.50, +0.35%, during the pre-European session on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Though, the resistance line of the short-term ascending trend channel and the monthly top could restrict the bullion’s further upside. Should there be a further upside beyond $1,594/95 region, $1,600 could offer an intermediate halt to the run-up towards the yearly top surrounding $1,612. Meanwhile, the precious metal’s declines below resistance-turn-support and 61.8% Fibonacci retracement, at $1,582, could fetch the quote towards another key support confluence. The same includes the said channel’s lower line and 50% Fibonacci retracement around $1,573/72. In a case where the bears keep dominating past-$1,572, the return of the $1,545 and the yearly bottom close to $1,536 can’t be ruled out. Gold four-hour chart Trend: Bullish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/JPY: Room on the downside dependent on RBA – Westpac FX Street 2 years Gold takes the bids inside a two-week-old rising trend channel, crosses 61.8% Fibonacci retracement of January month declines. The channel’s support, 50% Fibonacci retracement restrict the short-term downside. Early-month top on the buyer’s radar. Gold prices take the bids to $1,586.50, +0.35%, during the pre-European session on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Though, the resistance line of the short-term ascending trend channel and the monthly top could restrict the bullion’s further upside. Should there be a further upside beyond $1,594/95 region, $1,600 could offer an intermediate halt to the run-up… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.