XAU/USD touched two weeks high at 1304.98 and now trading around 1305.24 due to U.S. President Donald Trump statement that he might ultimately end a 2015 nuclear agreement with Iran. The increasing demand from India due to festival season is another reason for the sharp gain. Gold is currently testing the H4 200SMA. A decisive break here will lead price to 1309.00 [Fib 50.0% retracement of $1357.42 and $1260.65]. The intermediate resistance lies around 1313.00/1316.00 zone
Support: 1298.00 & 1290.80.
Resistance: 1305.00, 1309.00 & 1313/1316.
Trading Scenario: Buy at 1298.00 [if price retested this level today] with SL below: 1294.00 and TP at: 1305/1309.