GOLD - USD - Is Rising Towards $1,280 - 07/31/2017 (GMT)

The yellow metal edged sharply higher over the previous sessions and posted three straight bullish weeks. The XAU/USD pair inclined more than 4.6% and is approaching the next resistance obstacle at $1,280. The price hit our recommended target at $1,260 (see technical analysis here: http://bit.ly/2uHwve0 ) and we are waiting for further bullish movement.

From a technical point of view, the price climbed above the 50 and 100 SMAs, signalling for further rising, while the indicators are confirming the bullish attitude on price. The MACD oscillator is rising above the zero and trigger lines. However, the RSI indicator is sloping to the downside despite still holding in the positive path.