FXstreet.com (Barcelona) - Gold prices have resumed uptrend after December's retreat, and XAU/USD has reached levels at $1,128 with intraday bias on the upside, targeting $ 1,133 level, according to the Oil N' Gold Technical analysis team.

Gold's rebound from $1,075 is still in progress, according to the Oil N' Gold Team and further appreciation above $1,133 would target 1,169 area: Intraday bias remains on the upside for 38.2% retracement of 1227.5 to 1075.2 at 1133.4 first. Break there will target 61.8% retracement at 1169.3 next.

On the downside, the Oil N' Gold Team advices to watch $1,107 area: Break of 1107.9 minor support will argue that recovery from 1075.2 might have completed and will flip intraday bias back to the downside for retesting this support.