Gold holds bullish momentum, tests $1,270

FXStreet (Córdoba) - After posting a weekly gain of more than $20, spot gold started the week with an upside tone and currently is hovering around $1,270 after finding support at $1,265. Last Friday the metal posted the highest daily close since January 29.

Technical outlook for XAU/USD

Gold is moving with a short-term bullish bias, but the upside continue to face resistance between $1,270 and $1,275. Once above, the next potential resistance levels lie at $1,279 (January 29 high) and $1,290 ahead of the $1,300 psychological level.

To the downside, immediate support lies at $1,260; if broken the short-term bullish bias would lose momentum. The next support levels could be located at $1,255 and $1,247.