Gold in a bearish channel

Gold continues trading inside a bearish channel that we identified a few days ago on the daily chart. There is no clear direction in the middle term until the price of gold breaks out of the channel, either to the upside or to the downside. Today the price dropped to the 55 day exponential moving average, purple line, around the 1324.15 level and stalls there. The price may try to bounce to the upside from the current level, but it has been really oscillating around that moving average; therefore, it could also break it to the downside. To the downside, the next support is still the 1300 level. Below the 1300 level, the next support is the 200 day exponential moving average, blue line, around the 1269 level. Above the upper trendline of the channel, the high at the 1375.14 level could be its most relevant resistance.