Gold Bulls are eyeing $1366

Since last Friday Gold prices turned the price movement direction towards north. During the last five session bulls gained strength and confidence and today are shrinking the distance to the remarkable January’s high at $1366.

As seen on the hour time frame currently the price is developing well above its moving averages and a little below the 3-week high at $1361. The 20-day SMA is keeping strong bullish course, while the 100-day and 200-day are staying flat and are acting as dynamic supports and coincide with the 50% ($1338) and 38.2% ($1330) Fibo levels of latest January to February brearish run.
On the same chart RSI and stochastic are located within extreme overbought territories, but both are losing directional strength. This signals some exhaustion and potential bearish reversal, so XAU/USD might enter into sideways consolidation ahead of $1366.