GOLD - USD - Gold Met the JFD Pivot Point at $1,220 - 01/23/2017 (GMT)

The XAU/USD pair printed the fourth positive week in a row as it had an aggressive run to the upside following the bounce off the $1,122 support barrier. Moreover, the precious metal surged more than 5.4% so far this month and challenged a fresh two-month high at $1,220.

On the daily chart, the yellow metal met the 100-SMA which overlaps with the second resistance level of the monthly pivot points and they seem to be key resistance obstacles for the price. A pullback to the downside is possible until the $1.196 support handle or moreover until the $1,165. In the case of a penetration of the two-month high to the upside, it could drive the pair towards the $1,240 resistance level. MACD is moving higher from its trigger and zero lines with solid momentum, however, RSI is approaching the overbought area above the 70 level.