GOLD: Pulls Back, Backs Off Higher Prices
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GOLD: Despite a back off higher prices to close marginally lower the past, GOLD continues to hold on to its broader upside bias. This leaves the commodity aiming at further upside towards the 1,450.00 level, its psycho level on ending its present correction. A cut through here will aim at the 1,500.00 level, its psycho level. A cap may occur here and turn it lower but if that fails, more upside will develop towards the 1,550 level. Conversely, support stands at the 1,348 level with a break targeting the 1,300.00 level and then the 1,272.12 level. A turn below here will turn attention to the 1,250.00 level and then the 1,215.00 level.. All in all, GOLD remains biased to the upside medium term