Prices broke higher after oscillating in a narrow range for over a week,
taking out resistance at 1321.64 marked by the 38.2% Fibonacci
expansion. Buyers now aim to challenge the 50% level at 1346.78, with a
further push above that eyeing the 61.8% Fib at 1371.93. Negative RSI
divergence warns upside momentum may be short-lived however. A turn back
below 1321.64 exposes the 1300/oz figure, followed by the 1277.00-90
zone bracketed by the April 1 low and the 23.6% expansion.
