The XAUUSD maintained a bullish momentum last week , bottomed at the 1178 levels and topped at the 1224 levels. This development leaves the pair targeting the 1250 levels . a halt is strongly suggested , and long term trend might resume falling from this point , however ; a clear break would open 1280 next , further upside will target the 1317 levels .
On the downside , main support comes at the 1210 levels ahead of the 1178 levels , losing this level on a weekly closing basis will signal short term topping and open 1131 levels , a cut will bring sell-off below 1100 levels.
In ll , as long as 1178 support holds on a weekly closing basis , outlook in XAUUSD remains on the upside towards the 1250 levels before the next possible fall , below 1178 will reverse risk towards the 1131 levels ..
According to monthly time frame , the pair is at resistance level . on weekly time frame the pair is in overbought zone, so a sell off could be seen , stability below the 1178 levels on a weekly closing basis will open 1100/1000 levels..