Gold has moved to a fresh multi-monthly trading high after bulls finally broke past the technically important $1,912 resistance zone today. The $1,912 level is the major pivot point to watch, with the $1,970 a possible target if they can anchor price above the $1,912 level. A bullish inverted head and shoulders pattern is also pointing to the $1,940 level as a possible near-term target.
XAUUSD is only bullish while trading above the $1,912 level, key resistance is found at the $1,940 and the $1,970 levels. If XAUUSD trades below the $1,912 level, sellers may test the $1,900 and $1,882 support levels.