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Gold  convincingly crossed the falling channel hurdle on Friday, signaling an end of the corrective pullback from recent highs above $1,325. So far, however, the bull breakout has not emboldened the bulls.  

4-hour chart

The falling channel breakout seen in the above chart represents a bearish-to-bullish trend change. Put simply, the doors have been opened for a test of the recent high of $1,326.  

The yellow metal, however, is still trading below Friday’s high of $1,315. That is a slight cause for concern for the bulls, although the outlook would turn bearish only below the Feb. 8 high of $1,307.  

Trend: Cautiously bullish

XAU/USD

Overview:
       Today Last Price:  1311.83
       Today Daily change:  -2.53  pips
       Today Daily change %:  -0.19%
       Today Daily Open:  1314.36
Trends:
       Daily SMA20:  1300.04
       Daily SMA50:  1277.87
       Daily SMA100:  1249
       Daily SMA200:  1231.02
Levels:
       Previous Daily High:  1315.7
       Previous Daily Low:  1300.1
       Previous Weekly High:  1322.3
       Previous Weekly Low:  1300.1
       Previous Monthly High:  1326.25
       Previous Monthly Low:  1275.9
       Daily Fibonacci 38.2%:  1309.74
       Daily Fibonacci 61.8%:  1306.06
       Daily Pivot Point S1:  1304.41
       Daily Pivot Point S2:  1294.46
       Daily Pivot Point S3:  1288.81
       Daily Pivot Point R1:  1320.01
       Daily Pivot Point R2:  1325.66
       Daily Pivot Point R3:  1335.61