GOLD: Maintains Recovery Strength, Threatens Further Upside.
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GOLD: With GOLD remaining biased to the upside, further gain is likely in the days ahead. Despite its price hesitation, its corrective recovery triggered off the 1,182.33 level is intact. Resistance resides at the 1,300.00 level, its big psycho level. A clearance of here if seen will turn focus to the 1,350.00 level. With a breach of here targeting the 1,400.00 level, its psycho level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, the risk to this analysis will be a return below the 1,279.08 level and an eventual retake of the 1,231.48 level. Further down, support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent the commodity from declining further towards the 1,182.33 level, its Dec 31’2013 low. All in all, GOLD remains biased to the upside in the short term.