GOLD - USD - Gold Surged and Target Locked Below $1,200 - 01/12/2017 (GMT)

Gold added more than 4.3% over the last seven trading days following the strong rebound on the $1,122 price level. The XAU/USD pair booked a profit that we suggested in the previous days at $1,197 with entry level at $1,175 (see technical analysis here: http://bit.ly/2jGE6UM). The price currently is developing above the strong obstacle at $1,200 and is moving towards the next resistance barrier at $1,220.

Technically, the MACD oscillator is moving upwards with strong momentum, confirming the enthusiasm of the bulls, after it entered into the positive area while the RSI indicator is approaching the overbought territory with very clear directional strength.