GOLD: With downside pressure fading, risk of a return to the upside towards the 1,354.63 level, its Mar 03 2014 high is now developing. A cut through here will aim at the 1,400.00 level where a break will trigger further upside towards the 1,450.00 level, its psycho level and possibly higher towards the 1,500.00 level, its psycho level. On the downside, it will have to reverse its Wednesday gains to resume its correction triggered from the 1.352.28 level. Support comes in at the 1,319.20 level where a break will expose the 1,300.00 level where bulls may come in. But if taken out, further decline could occur 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 though hesitating.
GOLD: With downside pressure fading, risk of a return to the upside towards the 1,354.63 level, its Mar 03 2014 high is now developing. A cut through here will aim at the 1,400.00 level where a break will trigger further upside towards the 1,450.00 level, its psycho level and possibly higher towards the 1,500.00 level, its psycho level. On the downside, it will have to reverse its Wednesday gains to resume its correction triggered from the 1.352.28 level. Support comes in at the 1,319.20 level where a break will expose the 1,300.00 level where bulls may come in. But if taken out, further decline could occur 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 though hesitating.
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