Gold Technical Analysis: Closed above $1,300 for the first time since May

Gold closed above $1,300 on Friday - its first daily close above the psychological hurdle since May - confirming a bull flag breakout or a continuation of the rally from the lows near $1,230. Further gains towards the Fibonacci hurdle of $1,321, however, could be seen after a minor pullback to support at $1,295 (Jan. 17 high), given the relative strength index (RSI) on both the 1H and 4H chart is reporting overbought conditions. Notably, the 14-hour relative strength index (RSI) is beginning to divergence in favor of the bears. 

Hourly Chart

4-hour chart

Trend: minor correction likely

XAU/USD

Overview:    Today Last Price: 1303.09    Today Daily change: 3.42 pips    Today Daily change %: 0.26%    Today Daily Open: 1299.67Trends:    Daily SMA20: 1287.04    Daily SMA50: 1259.76    Daily SMA100: 1237.26    Daily SMA200: 1228.73Levels:    Previous Daily High: 1300.28    Previous Daily Low: 1279.9    Previous Weekly High: 1300.28    Previous Weekly Low: 1275.9    Previous Monthly High: 1284.7    Previous Monthly Low: 1221.39    Daily Fibonacci 38.2%: 1292.49    Daily Fibonacci 61.8%: 1287.68    Daily Pivot Point S1: 1286.29    Daily Pivot Point S2: 1272.91    Daily Pivot Point S3: 1265.91    Daily Pivot Point R1: 1306.66    Daily Pivot Point R2: 1313.66    Daily Pivot Point R3: 1327.04

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