Gold (GLD) forms golden crossover. Is a jump to $1278 possible? Most probably.

Gold prices further jumped and is trading near minor top formed at $1265 formed on May 18th 2017 on account of the surging Euro and Trump's turmoil increased demand for safe haven assets while reducing any chances for rake hikes. Gold is at $1260.85 and may see quite a pull back before it heads off into the 1270's range. The yellow metal formed a golden crossover of the 50-day moving average rising above the 200-day moving average and this confirms a bullish signal (meaning it's a good time to buy). Inclusively, the US Dollar index broke the previous week lows of 97.10 and declined till of 96.80 level. The index is trading well below 89- W EMA and this confirms minor weakness, a decline till 95.90 likely.

As for the technical analysis gold is facing strong support at $1249 (50- day moving average) and any break below will drag the precious metal till $1240-$1245 (200 day moving average). It should break below $1195 (March 10th 2017 low) for further weakness. As for the higher end, near term resistance is around $1265 an