Gold moves higher after breaking through $1295 resistance level

Gold violated the 1295 barrier and moved higher. I would expect the bulls to continue pushing the metal higher and challenge the 1315 (R1) resistance level. A clear move above that hurdle may pave the way towards 1330 (R2). The MACD lies above both its trigger and zero lines, confirming the recent bullish momentum. Nonetheless, the RSI met resistance near its 70 level, thus some consolidation or a pullback before the development of further advance cannot be ruled out.

•Support: 1295 (S1), 1280 (S2), 1268 (S3). •Resistance: 1315 (R1), 1330 (R2), 1342 (R3)

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