The precious metal covered some losses of the previous month but it still needs a strong push for climbing sharply higher. On the weekly timeframe, the XAU/USD pair is moving higher since December of 2016 and over the last ten months, the price surged more than 10%. If the price continues the rising movement with stronger momentum, it will open the way for the $1,306 resistance level.
From the technical point of view, on the weekly timeframe, gold is holding above the three simple moving averages (50, 100 and 200) acting as strong support levels for the price. On the daily timeframe, the RSI indicator is pointing slightly to the north, whilst the MACD oscillator is flattening in the positive territory. It is worth to mention that the price is trading within the simple moving averages and it needs to break those obstacles for having a clearer tendency.
