GOLD - USD - Climbed Above $1,265 - Upward Run is Expected - 05/29/2017 (GMT)

The precious metal is snapping a four-month winning streak as it is about to end May in red. May was not a strong month for the XAU/USD pair as it was developing with very low volatility and is going to finish the month near its opening level. Looking at the weekly chart, the pair completed three positive weeks in a row and almost covered some of the losses it created early this month.

Technically, on the daily timeframe, the jump above the $1,265 price level will push the price until the $1,292 strong resistance handle. The stochastic oscillator entered the positive path with strong momentum whilst the RSI indicator is following a bullish area and started a slope to the downside. In addition, on the 4-hour chart, the 50-SMA completed a bullish crossover with both the 100 and 200 SMAs indicating further upside movement.