XAUUSD breakouts to the upside but further gains are doubtful

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Gold prices advanced slightly higher on Friday last week but only to give back some of the gains.

Price action broke to the upside of the falling trend line, briefly rising above the 1712.50 price level.

However, failing to build upon this momentum, the precious metal gave back these gains.

As price action retreats, the trend line is now acting as a dynamic support.

If this support holds, then we expect a reversal and a possible move higher on a close above 1712.50.

Alternately, if prices break the trend line we expect prices to fall toward the 1691.76 level of support.

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