GOLD: Biased To Upside In The Short Term

17 April 2017, 13:50

GOLD: The commodity strengthened further the past week leaving risk of more gains on the cards on the cards. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,260.00 level. Below here if seen could  trigger further downside pressure targeting the  1,250.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the  1,300.00 level. A turn above there will expose the  1,310.00 level. Further out, resistance stands at  the 1,320.00 level. Its weekly RSI is bullish and pointing higher suggesting further up[side pressure. All in all, GOLD looks to strengthen further.

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