GOLD: Corrective Weakness Likely
GOLD: Unless GOLD returns above the 1,332.90 level, its looks to weaken on corrective weakness. On the downside, support lies at the 1,310.13 level followed by the 1,300.00 level where a break if seen will aim at the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards the 1,250.00 level. On the upside, Resistance resides at the 1,342.30 level where a violation will aim at the 1,380.00 level. A break will aim at the 1,359.00 level and then the 1,400.00. We expect the bears to come in here and turn it lower. All in all, GOLD remains biased to the upside in the medium term.
