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Gold eyeing March 2016 high

FX:XAUUSD   Gold/U.S. Dollar
Gold's break above $1271.72 indicates the bearish price RSI divergence seen in early European longer holds true and thus prices are now heading towards March 2016 high of $1284.81.

The move comes a day after prices witnessed a bullish break from falling trend line level, which adds credence to violation of bearish price RSI divergence on hourly timeframe.

Note - Failure to take out area around $1284.81 followed by a fall back below $1263 could signal head and shoulder formation with neckline at around $1190 levels.

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