- Gold closed above key resistance on Friday.
- The weekly chart now shows a falling wedge breakout.
Gold is trading at $1,310 per Oz this Monday morning in Asia, the highest level since April 10.
Prices closed above the May 14 high of $1,303.40 on Friday, confirming bullish higher lows and higher highs pattern on the daily chart and a falling wedge breakout on the weekly chart.
The 14-day relative strength index (RSI) at 66 is also biased toward the bulls and so are the upward sloping 5- and 10-day moving averages (MAs).
The path of least resistance, therefore, is to the higher side and the metal could rise toward $1,320 over the next few days.
With the 5- and 10-week MAs flashing a bullish crossover, pullbacks to levels below $1,300, if any, could be short-lived.
Daily chart
-636951194143653909.png)
Weekly chart
-636951194434593284.png)
Trend: Bullish
Pivot points
Share
