Gold technical analysis: Hits highest since April 10 after Friday's bullish close

• Gold closed above key resistance on Friday. 
• The weekly chart now shows a falling wedge breakout. 

Gold is trading at $1,310 per Oz this Monday morning in Asia, the highest level since April 10.

Prices closed above the May 14 high of $1,303.40 on Friday, confirming bullish higher lows and higher highs pattern on the daily chart and a falling wedge breakout on the weekly chart.

The 14-day relative strength index (RSI) at 66 is also biased toward the bulls and so are the upward sloping 5- and 10-day moving averages (MAs).

The path of least resistance, therefore, is to the higher side and the metal could rise toward $1,320 over the next few days.

With the 5- and 10-week MAs flashing a bullish crossover, pullbacks to levels below $1,300, if any, could be short-lived.

Daily chart

Weekly chart

Trend: Bullish

Pivot points