GOLD: With recovery seeing GOLD building on its previous week gains the past week, further strength could be seen in the new week.
This development leaves the commodity targeting the 1,251/67 levels followed by the 1,300.00 level where a violation if seen will turn focus to the 1,350.00 level. Its weekly RSI is bullish and pointing higher supporting this view.
On the contrary, a reversal of its present gains could force a return to the 1,211/200 levels. Below here will aim at the 1,180.00 level followed by the 1,150.00 level with a turn below here shifting attention to the 1,100.00 level
All in all, GOLD remains biased to the downside medium term.
Guest post by FX Tech Strategy
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