Gold prices are moving above the lowest price channel of $1150 and $1200 and are expected to test upper boundary near resistance between $1300 and $1350 “supported by positive divergence with momentum indicators”, MubasherTrade has revealed in its 2015 MENA Outlook Report.

The upward breakout of this channel would push gold to test resistance level at $1500 then $1600. Otherwise, it would continue bouncing inside the sideway channel, the report noted.

Gold recently succeeded in leaping by $16.7, whereas long-term contracts slated for delivery in February rose at settlement by 1.4%, reaching $1232.80 for spot gold.