GOLD - USD - Extended Its Gains But Several Obstacles are Pushing the Price Sideway - 07/19/2017 (GMT)

The XAU/USD pair surged more than 2% since last Monday and is creating a bullish move after the bounce off the $1,207 support level. The price hit our recommended target at $1,240 price level (see technical analysis here: http://bit.ly/2t6F4ut) but there are several obstacles for any upside or downside movement. The price is consolidating within the 50 and 100 week SMAs and we are waiting for a sharp breakout in either direction. To the upside, the price may hit the $1,260 resistance barrier and to the downside the $1,221 barrier, 100-week SMA. RSI is pointing down but is still in the bullish area whilst the MACD oscillator is inclining in the negative path. Moreover, the stochastic oscillator is in progress to create a bearish cross.