Technical Analysis
Gold price broke out of the consolidation area, to the upside of 1300 level. This level had been a massive resistance area for quite sometime. By closing the weekly candle clearly well above 1300 indicates that it is trying to continue to the upside. At this point, short-term pullbacks can offer value as 1300 level will now be that strong support.
Fundamental Analysis
Price of Gold needed a push strong enough to drive it to the upside. Many attempts failed before it finally broke to the upside last week. Tension between USA and North Korea and weak US Dollar were the mains fundamental reasons.
Looking into this week, we have to note that NFP data last Friday was disappointing. Therefore fundamentals favour the upside.
