Gold price soared by the end of last week trading, after leaning on 1136.55 support previously, this level represents 38.2% Fibonacci for the bearish wave measured from 1232.25 to 1077.40, supported by the positive support of the moving average 50, to succeed to breach 1154.83 resistance level and close above it.

Therefore, we expect more rise especially after settling above 1154.83, to target 1173.00 resistance level that represents 61.8% Fibonacci for the above mentioned bearish wave.