FXstreet.com (San Francisco) - After trading higher during the European session and reaching its 5th straight day on green numbers, the XAU/USD uptrend has been capped at the 1,628.20 level, 1-week high, and the pair has begun to fall towards the 1,610.90 zone. Gold jumped today to $ 1628 as run for safety continues amid European woes. "With dollar possible QE extension, investors are running back to the ultimate safe haven that retreated from mentioned high yet holds above the $ 1600 mark," says Valeria Bednarik from FXstreet.com. "4 hours chart shows the metal consolidates recent gains, with short term supports at 1607, and 1600. The upside is favored as long as above this last, with resistances at 1618 and mentioned high." Currently the XAU/USD is pricing at 1,614.80, posting a 0.16% daily losses so far today. Early today, "gold has been benefiting from the simple notion that "it can't hurt to be long gold?" attitude," commented Greg Michalowski from ForexLive.com. "The price is [was] up for the 5th straight day but has a key test to overcome. The 38.2% of the 2012 range comes in at the 1627.22." "Above that [38.2% fib] is trendline resistance at 1631.50," says Michalowski. "The combination is a key test for the bulls enthusiasm and it seems that sellers have used the level to cover some positions." On the other hand, assuming that the XAU/USD is unable to break above the mentioned level, Anton Kolganov, analyst at ForexMillion says that "a downtrend will start as soon, as the pair drops below support level 1602". The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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