GOLD - USD - Printed a Fresh 5-Month High at $1,269 - 04/07/2017 (GMT)

The yellow metal printed a fresh five-month high at $1,269 early this morning as it jumped almost 1% so far today. The XAU/USD pair exited from the narrow range that was developing in the previous sessions and is ready to approach the next resistance barrier at $1,308.

On the daily chart, the precious metal has an ascending move since December of 2016 following the bounce off the $1,123 support level. A retracement to the downside was created in the previous month while it hit the rising trend line and continued the upward movement. The price jumped above the three SMAs (50, 100 and 200 SMAs) and the technical indicators are also in agreement with the bullish scenario. The RSI indicator is moving towards the overbought zone whilst the MACD oscillator is trying to climb above its trigger line in the positive area.