GOLD: Consolidates With Upside Bias

GOLD: With GOLD retaining its broader uptrend, further bullish offensive is expected. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level.
Conversely, resistance resides at the 1,265.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to resume its broader medium term uptrend but with caution.

 

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