GOLD: With GOLD reversing intra day losses to close strongly higher on Wednesday and following through higher during Thursday trading session, further bullish offensive is likely.
On the upside, resistance resides at the 1,330.00 level where a break will target the 1,345.90 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level.
A violation will aim at the 1,380.00 level. Support lies at the 1,257.68 level with a break targeting the 1,240.00 level. Below here will expose the 1,220 level and then the 1,200.00. All in all, GOLD remains biased to the upside in the nearer term.
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