GOLD: Risk Continues To Point Higher
GOLD: With GOLD continuing to maintain its bullish risk, more strength is envisaged in the new week. Despite its marginal loss the past week, our upside view on the commodity remains intact. On the downside, support comes in at the 1,260.00 level where a break will aim at the 1,240.00 level. Below here if seen could trigger further downside towards the 1,220.00 level where a break will aim at the 1,200.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the upside on correction.
