Gold bulls pause rally at fresh 6-year highs

From xm.com

Gold spiked to a fresh six-year high of 1,453 on Friday after closing above the 50% Fibonacci of the three-year old downleg from 1,796 to 1,046, but the market could not sustain the gains, with the price pulling back near the Fibonacci level. Meanwhile in momentum indicators, the MACD failed to pierce its red signal line last week, while the RSI continues to fluctuate sideways in the bullish area, both suggesting a neutral-to-bearish bias for the short-term. The slowdown in the 20-day simple moving average is also an indication of softness. Should the price slip below the 50% Fibo of 1,421, the 1,400 round-level ... (full story)