Commodity Technical Outlook On GOLD
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GOLD: Bullish, Outlook Remains Higher
GOLD: With the commodity closing higher the past week, there is risk of further strength towards the 1,345.90 level with a cut through here extending gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. A break will aim at the 1,359.00 level and then the 1,400.00. We expect the bears to come in here and turn it lower. On the downside, support lies at the 1,310.13 followed by the 1,300.00 level where a break if seen will aim at the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards the 1,250.00 level. All in all, GOLD remains biased to the upside in the medium term.