Yellow Metal Gains Strength amid Chicago PMI Release

Gold inched higher on Wednesday, increasing the price of yellow metal to more than $1270.00 an ounce following some key economic releases. The technical bias remains bullish because of a higher high in the recent upside move.
XAU/USD Technical Analysis

As of this writing, the precious metal is being traded near $1275 an ounce. A hurdle can be noted near $1300, a key psychological level ahead of $1357, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.

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