GOLD - USD - XAU/USD Bulls Took the Lead and Climbed Above the Suggested Level at $1,352 - 09/08/2017 (GMT)

The yellow metal advanced to a one-year high against on Thursday after the U.S. dollar weakness. The XAU/USD pair climbed above our recommended target at $1,352 (see technical analysis here: http://bit.ly/2gE076o) and moved gradually higher more than 5.3%. The metal is developing in an uptrend since December 2016 and the price is moving above the three simple moving averages (50, 100 and 200) on the daily chart, since the end of July.

On the same timeframe, the RSI indicator is pointing to the upside into the overbought zone, while the MACD oscillator is holding significantly higher from the zero line as well as from the trigger line. The next level to have in mind is the $1.368 resistance level, which is high from July 27 of 2016.