Commodity Technical Outlook On GOLD
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GOLD: Triggers Recovery, Eyes More Upside.
GOLD: We still maintain our upside outlook on GOLD on corrective recovery higher. This view remains valid as long as the commodity trades and holds above the 1,240.23 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, key support lies at the 1,240.77/1,237.00 levels where price halt is envisaged. However if taken out, expect more weakness to occur towards the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. Its daily RSI is bullish and pointing lower supporting this view. All in all, GOLD remains biased to the downside in the medium term.