GOLD - USD - Will Gold Meet Again the $1,200? - 11/28/2016 (GMT)

The yellow metal after the roller coaster to the downside is printing the second green day in a row and rose more than 0.8%. The XAU/USD pair had a significant pullback on the $1,171 support level and now is moving slightly below the $1,200 key psychological barrier.

Technically, if the price surge above the latter level it will open the way for the $1,221 resistance barrier but the price should go through the 50-SMA on the 4-hour chart. An alternative scenario is a bounce off the referred psychological level and then the pair will slip and hit the previous eight-month low. On the 4-hour chart, technical indicators are moving higher, near its mid-levels. The MACD oscillator holds above its trigger line, whilst the RSI indicator lies near the 50 level.