Gold inched higher on Wednesday, increasing the price of yellow metal to more than $1340.00 an ounce after some key economic releases. The technical bias remains bullish because of a higher high in the ongoing upside move. XAU/USD Technical Analysis

As of this writing, the precious metal is being traded near $1341.46 an ounce. A hurdle can be noted near $1350, 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. Read more: