Gold nears Friday's high as the market counts down to lunar new year

Technical Analysis

Author: Adam Button | gold

Gold up $9 to $1325

Gold has struggled in February. It's usually a strong month in part due to buying ahead of lunar new year celebrations.

Chinese markets close for the week on Thursday as holidays begin. They continue through the following Wednesday.

That offers a short window for gold bulls to make a move.

At the moment, there is an upward-sloping channel developing from $1307 but in the short term it faces Friday's high of $1326 followed by the late-Wednesday high of $1332.

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