GOLD: With GOLD maintaining its upside bias, we expect further strength to occur in the new week. However, it will have to retake the 1,332.09/1,328.00 levels to create scope for more upside. Further out, resistance resides at the 1,350.00 level with break of here turning focus to the 1,400.00 level. Additionally, resistance stands at the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. 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 happen 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 medium term.
GOLD: With GOLD maintaining its upside bias, we expect further strength to occur in the new week. However, it will have to retake the 1,332.09/1,328.00 levels to create scope for more upside. Further out, resistance resides at the 1,350.00 level with break of here turning focus to the 1,400.00 level. Additionally, resistance stands at the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. 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 happen 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 medium term.
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