It was a good day for gold, which managed to pass the $1,300-per-ounce mark for the first time in three months. Allowing the yellow metal to do so was more disappointing data out of the United States, which helped weigh down the US dollar enough to allow gold to make a run at its technical resistance level. For gold, the key technical resistance level is $1,304, its 200-day moving average, Brian Stutland of the Stutland Volatility Group commented to CNBC. He explained to the publication that of late gold has been "all about the technicals." "As soon as we broke above $1,275 basically, it's been a straight push to $1,300," Stutland said, adding, "I think it continues — I'm looking around that $1,320, $1,340 level where gold could probably trade. The technicals are just too strong behind it." According to Tom Fitzpatrick, an analyst at Citigroup's technical research unit, CitiFX, the yellow metal could get a pick-me-up from a "bullish double bottom between June and December last year," Reuters reported. "We fully expect that gold has the potential to once again test the neckline of a double bottom which stands at $1,434 an ounce," Fitzpatrick said. US data disappoints As Reuters notes, recent US economic data, including several months of weak jobs growth, has raised questions over whether the US can sustain its economic growth. That has resulted in many investors hoping that the Federal Reserve will reduce its tapering of economic stimulus. The latest data out of the US shows that retail sales fell 0.4 percent in January compared to an expected increase of 0.2 percent. Adam Sarhan, chief executive officer at New York-based Sarhan Capital, said "[t]he underlying notion that central banks are slowing down their quantitative easing is boosting gold's appeal as an inflation hedge and alternative currency."