XAU/USD (a 4-hour chart)
On Friday, the gold prices fell as traders took profits after the jump of the pair to 23-month high on Thursday.
The overall outlook remained bullish despite the resent correction down. The other day the gold futures fell from a new year high at the mark of 1315. We consider this increase corrective. The pair grew and was able to return some recent losses. The resistance is at 1300, the support is at 1280.
MACD is in a positive area, the histogram turned upwards. RSI returned to the overbought level of 70. If the price enters the overbought area again we will see a return to the growth. The price is above Moving Averages (50, 100 and 200). The Moving Averages direction is upwards.
If we see further attempts to break the support 1280 the chances for a correction will grow. Meanwhile the pair may recover to 1315.