Gold consolidates above 2013 low

XAU/USD cross jumped considerably on Friday, as it was able to pierce through a major resistance line, represented by the 2013 low, 23.6% Fibonacci retracement and weekly pivot point around $1,190. Moreover, Gold managed to consolidate above this level and remains stable for the time being. Therefore, we may assume the bullion will continue rising in price, with the next obstacle located at $1,205 (monthly R1). Along with that, while the cluster of mentioned lines around $1,190 has now become a considerable support, we would not expect it to be crossed to the downside in the foreseeable future. 

Distribution between opened positions for buying and selling Gold are remaining strongly positive in favor of latter, as bulls have a stable majority with 70% of all trades. During the weekend the positive side lost two percentage points.