GOLD: With GOLD bullish and rallying through the 1,279.12 level the past week, further strength is expected into the new week. Resistance resides at the 1,350.00 level with break of here turning focus to the 1,400.00 level. Further out, resistance comes in at 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, the risk to this analysis will be a return to 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 occur towards the 1,231.48 level. Further down, support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent the commodity from declining further towards the 1,182.33 level, its Dec 31’2013 low. All in all, GOLD remains biased to the upside in the short term.
GOLD: With GOLD bullish and rallying through the 1,279.12 level the past week, further strength is expected into the new week. Resistance resides at the 1,350.00 level with break of here turning focus to the 1,400.00 level. Further out, resistance comes in at 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, the risk to this analysis will be a return to 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 occur towards the 1,231.48 level. Further down, support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent the commodity from declining further towards the 1,182.33 level, its Dec 31’2013 low. All in all, GOLD remains biased to the upside in the short term.
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