Gold is near significant support

After almost five-week trading in an uptrend, the pair XAU/USD is trading above the lower border of the rising channel, which corresponds to the zone 1276.00-1280.00. Also, Fibo level. 50.0 from the July low of this year is in this zone, which indicates the possibility of resuming the uptrend.

Thus, the return of the pair XAU/USD above the zone 1276.00-1280.00 and the formation of the reversal will indicate the resumption of the upward dynamics of this pair and return to the trading channel. The resistance levels are : 1285.00-1288.00 and 1297.00-1300.00. The support levels are: 1275.00 and 1273.00.

Fig. XAU/USD H4. The current price is 1279.50.

Hanzenko Anton