![\"printprofile\"](\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/6.jpg\")
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Following the protests in the Middle East<\/a> during the past month, demand for gold<\/a> as an alternative investment is reaching new highs. As a result, gold climbed from $1,307 an ounce to the $1,410 level in about four weeks. Due to a mild correction, gold is now trading at $1,402 an ounce, however, what seems to be a rounding bottom pattern in the making indicates that gold might cross the $1,410 level shortly.<\/span><\/p>\n \u2022 The chart below is the spot gold 2-hour chart by ForexYard. Following the protests in the Middle East during the past month, demand for gold as an alternative investment is reaching new highs. As a result, gold climbed from $1,307 an ounce to the $1,410 level in about four weeks. Due to a mild correction, gold…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-23298","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=23298"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23298\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=23298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=23298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=23298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 There is a very distinct bullish channel<\/a> formed on the chart, which has reached its peak a couple of days ago, at the $1,410 level.
\n\u2022 The Slow Stochastic<\/a> continues to point up, despite its high location \u2013 above the 80-line. This clearly indicates that the bullish momentum has more steam in it.
\n\u2022 The MACD<\/a> is on the verge of completing a bullish cross. If the bullish cross will indeed take place, this may verify the bullish notion.
\n\u2022 In addition, a rounding bottom pattern appears to be forming on the chart (highlighted in the blue line). This pattern means that gold is likely to climb back towards the $1,410 level.
\n\u2022 The pattern also indicates that gold has potential to cross the $1,410 resistance level, with potential to reach $1,420 an ounce.
\n\u2022 The next resistance levels<\/a> are located at $1,410, $1,420 and $1,431.
\n\u2022 The next support levels<\/a> are at: $1,394, $1387 and $1,375.<\/p>\n![\"gold](\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/02\/gold-23-02.bmp\")
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