FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
SL : 1323
TP : 1500

Gold prices broke out hitting fresh 18-months highs and closing near 1,359. Support is seen near the former break out level at 1,346. Resistance is seen near the 1,370-1,375 region and then 1,392, and up to 1,423. Short term momentum has turned positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 86, above the overbought trigger level of 80, which could foreshadow a correction. The RSI ( relative strength index ) which is a momentum oscillator also broke out which reflects accelerating positive momentum. The current reading on the RSI is 75, above the overbought trigger level of 70, which could foreshadow a correction. The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.
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