GOLD - USD - Rose and Profit Booked at $1,230! - 03/17/2017 (GMT)

The yellow metal created an aggressive run since Wednesday as it exploited greenback’s weakness and traded sharply higher after the bounce off the $1,196 support level which overlaps with the 50.0% Fibonacci retracement level of the last upward move with low on December 15th and high on February 27th. The XAU/USD pair managed to meet our target for profit at $1,230, the 23.6% fibo level (see technical analysis here: http://bit.ly/2m8F7Xv), and if it jumps above it, it will open the way for the $1,265 resistance barrier. Despite that, the price needs to go through the 200-daily SMA which act as an obstacle for the bulls.

In addition, on the same chart, the technical indicators surged higher confirming the bullish tone. The RSI indicator climbed above its mid-level and is strengthening whilst the MACD oscillator created a bullish crossover with its trigger line and is approaching the positive path.