Gold bulls take aim at 200-SMA
Overview: Gold enjoyed its second-best week of the year, surging around 7% to confirm a triangle breakout before topping at a seven-week high of 4,371. After a mild start today, the bulls appear ready to push above the resistance trendline that capped gains near 4,330.
Momentum: The MACD has entered the positive area, reinforcing the bullish direction in the price. The RSI and stochastic are also supportive, although both are near overbought levels, hinting that the rally may soon take a breather.
Bullish scenario: The bulls are eyeing the 200-day SMA near 4,495 if the 4,380 zone, marked by the 20- and 50-weekly SMAs, is cleared. Further up, the 38.2% Fibonacci at 4,574 could slow the advance.
Risk: A break below 4,310 could invite fresh selling.
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