Gold Technical Analysis: Trapped in a sideways channel

Gold has created a sideways channel on the 4-hour chart and an upside break would open the doors for a re-test of recent highs above $1,325. 

4-hour chart

A move above $1,315 would confirm channel breakout and validate gold's exit from the falling channel. Put simply, a move above $1,315 would signal a revival of the bullish move from the January low of $1,276. 

Trend: Bullish

R3 1323.18 R2 1318.99 R1 1315.03 PP 1310.84 S1 1306.88 S2 1302.69 S3 1298.73

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