After footing on $1276.65 per ounce, the gold could jump above $1300 psychological level gaining higher upside momentum to test $1325.91 resistance, after breaking $1309.33 which capped it last Jun. 14.
XAUUSD is trading now in its fifth days in a row above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1283, after that footing.
The gold surpassed $1300 psychological level, following forming series of higher lows started with 1160.24 on last Aug. 16 to have now higher place above its daily SMA50, its daily SMA100 and its daily SMA200.
The daily chart of XAUUSD shows that its RSI-14 is now well inside its overbought area above 70 reading 73.359.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is also having now its main line inside its overbought territory above 80 reading 93.558 in intersection with its signal line which is lower in the same region at 94.843.
Important levels: Daily SMA50 @ $1242, Daily SMA100 @ $1224 and Daily SMA200 @ $1249
The Closest Experienced S&R:
S1: $1276.65
S2: $1253.46
S3: $1232.95
R1: $1325.91
R2: $1366.06
R3: $1375.20
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din