XAUUSD

On the daily timeframe, following an initial push to a high of $1,355, the price has now made an initial pullback towards support between $1,303 and $1,270, marked by previous highs over the past four months. While the price may continue higher in the short-term, given the sharpness of the recent gains we may now see an extended period of consolidation before continuing higher.

Above current levels, broad resistance is located between $1,355 and $1,423 marked by previous highs and lows from 2013 & 2014. On the weekly chart, while price has moved to a new near-term high we continue to wait for this to be confirmed by the RSI to remove the possibility of bearish momentum divergence. Overall, the rally throughout 2016 has been strong and is likely the beginning of a larger move higher over the coming months towards resistance between $1,350 and $1400 region.

Spot Gold Has Support 1314, Below Holding Means 1307 & 1300 Easily Looking Other Wise Again Rise Up To 1326 & 1333