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Gold Trading at a 6-Month High

XAU/USD (Gold) has been rallying consistently since the New Year. It has been trading in an upwards channel.

Price pushed higher during the 3/12 session, breaking above recent consolidation resistance as well as a falling resistance going back to May 2013.

It is also making fresh 2014 highs and is the highest since October 2013.. 

(gold daily chart)

There is some more upside risk as momentum is persistently strong. A break below 1330 at this point might indicate loss of the bullish strength. Otherwise, the next key resistance is around 1430.