The price of gold or the XAUUSD pair appears to have recently broken above a key resistance level last Friday. Its rise over the 1,260 marker translates to a breach of its downtrend line and it’s the neckline support of what looks to be a head and shoulders pattern. Moreover, the jump that it made last Friday also marks its breakout from a rounding bottom formation. Moving forward, the price of gold may rise towards a new target of 1,350 if it can stay above its new support at 1,260. On the other hand, a slip below 1,260 may bring it down to 1,220 or even to 1,180.
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