Gold price has broken above the short-term bearish channel. Price remains in a sideways channel and could now be starting the final move higher towards $1,300.
Red lines - bearish short-term channel
Stochastic oscillator is oversold and it is turning higher at the 4 hour chart. Price is reversing above the bearish channel. This is a bullish reversal signal for the short-term. Support at $1,240 is critical now. As long as we are above it, there are chances of making a final new higher high towards $1,300.