GOLD: The commodity may be biased to upside but it must break and hold above the 1,361 level to prevent a return to the downside. This if seen could push GOLD further higher towards the 1,400.00 level, its psycho level. A break will trigger further upside towards the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support is seen at the 1,331.17 level on any pullback where a break will target the 1,319.20 level. Below here will aim at the 1,300.00 level where bulls may come in. But if taken out, further decline is likely towards the 1,300.00 level. We expect that level to hold and turn the pair higher. However, if this fails to occur, expect more weakness to happen towards the 1,231.48 level. All in all, GOLD remains biased to the upside in the medium term.
GOLD: The commodity may be biased to upside but it must break and hold above the 1,361 level to prevent a return to the downside. This if seen could push GOLD further higher towards the 1,400.00 level, its psycho level. A break will trigger further upside towards the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support is seen at the 1,331.17 level on any pullback where a break will target the 1,319.20 level. Below here will aim at the 1,300.00 level where bulls may come in. But if taken out, further decline is likely towards the 1,300.00 level. We expect that level to hold and turn the pair higher. However, if this fails to occur, expect more weakness to happen towards the 1,231.48 level. All in all, GOLD remains biased to the upside in the medium term.
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