IronFX:Gold broke above the resistance-turned-into-support level of 1342 (S1) and opened the way for a move towards our next resistance of 1358 (R1).
I would expect the bulls to gain momentum again and push the precious metal for another test of the 1358 (R1) area.
A break of that level is likely to carry further advances, perhaps towards our next resistance line at 1367 (R2). Our short-term oscillators reveal positive momentum and support somewhat the case for the precious metal to trade higher for a while.
The RSI found support at its 50 line and moved higher, while the MACD, has bottomed marginally below zero and crossed above its trigger line. Switching to the daily chart, I see that the metal is trading above the uptrend line taken from back at the low of the 17th of December.
In my view, this keeps the longer-term picture positive, but given the lower peak formed on the 5th of August, I prefer to take the sidelines for now with regards to the broader picture. Support: 1342 (S1), 1330 (S2), 1320 (S3) Resistance: 1358 (R1), 1367 (R2), 1375 (R3)