GOLD prices continue to rise, staying within bullish channel

Gold prices have rebounded in a corrective fashion after two weeks of losses and are currently trading within a one-month-old bullish channel, which spans between 1 ,970 and 2 ,050. Despite a V-shaped recovery from the support level at 1 ,970, the price of gold has struggled to surpass the psychological resistance at 2 ,000.

Investors are currently preparing for key US data and events that may affect the price of gold. A confident recovery in gold prices was inspired by the release of the Federal Reserve's Beige Book.

From a technical standpoint, the bullish channel in which the price of gold is trading suggests that the upward trend may continue.