The channel on yesterday chart didn’t hold but gold managed to climb higher after an initial deep. It seems to be the norm for now, If you trade gold on a short term basis you might want to wait till the NY – COMEX exchange do their thing.
Who said gold don’t yield?
Chinese banks step into gold leasing business
Recently, Heraeus Zhaoyuan Precious Metal Materials Co., Ltd. and the Zhaoyuan Branch of China Construction Bank signed an agreement on a gold lease deal of one ton with the lease term of one year.... read more.
Here is a new chart with two channels, the uptrend channel is less steep. Today expected trading range 618$ - 633$.
Click chart to enlarge: