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Gold Still Trading Within Channel

(XAUUSD : 4 Hour Chart)

Gold continues to trade within the rising channel even after the upbeat Non-Farm Payroll data. Gold is inversely related to US dollar. So if there is any strong US data or the currency is strengthening, Gold declines. Currently the 50 day SMA seems like a key support for the pair. Break Down from this level might fade some bullishness on the pair.

(XAUUSD : Daily Chart)

If looking at the daily chart, the 50 day SMA has crossed above the 200 day SMA signaling a bullish trend and therefore the pair might continue to move upward breaking the resistance trend line of the channel.