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Gold's Rising Channel Could be a Flag Pattern

Here are some notes from gold's 1H chart. 
1) Price is forming a rising channel.
2) The 200-, 100-, and 50-hour SMAs are in bullish slopes, alignment, and price is above them.
3) Price also did a couple of bullish slingshots, which suggest bulls are taking over.
4) The RSI shows maintenance of the bullish momentum.

Gold 1H Chart (10/13)(click to enlarge)

The 4H chart shows that this channel could be simply a flag pattern. There is a resistance area between 1230 and 1240, involving the 200-period SMA in the 4H chart, and a previous resistance. If price falls from here and dips below the 1225.50 local pivot, it will also break below the channel/flag support, initiating a bearish continuation outlook.

There might be some support around the 1205-1210 area, where we saw support in late September. A break below this area would add to the bearish continuation scenario especially if the 4H RSI also falls below 40.

Gold 4H Chart (10/13)
(click to enlarge)

Finally, when we look at the daily chart, we can see that price is indeed pressing for  further bullish correction but needs to clear above 1240, which is reinforced by a previous support pivot in June. 

Gold Daily Chart (10/13)
(click to enlarge)

Now, if the bullish scenario continues, and price pushes above 1240, the 1270-1280 area will be key resistance. It is in the middle of the SMAs, where a falling trendline resides, and where there is a a common support going back to August, May, and April. If the RSI also approaches 60 as price nears 1270, look out for sellers.