The 55-hour SMA was pressuring XAU/USD from the upside for the whole session on Friday. However, the pair remaining close to this line did suggest that an upside breakout might be due in the nearest time. This necessary push for bulls occurred during the Asian session when Gold shot up by 0.53% in one hour up to the resistance of the 100-hour SMA and the weekly PP near the 1,325.00 mark.
It is likely that the pair consolidates for a brief period of time prior to re-gaining its upside momentum and pushing even higher in this session. Gains should be capped circa 1,335.00 where the upper boundary of a three-week descending channel, the 200-hour SMA and the 23.60% Fibo retracement line are located.
In case the 100-hour is not breached, the pair is expected to find support at 1,310.00.
