GOLD: Risk of further upside remains as GOLD looks to extend its corrective recovery triggered from the 1,182.33 level, its Dec 31’2013 low in the new week. This development now leaves the commodity eyeing the 1,251/67 levels.
Further out, resistance resides at the 1,300.00 level, its psycho 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. Support lies at the 1,219.08 level.
This level must hold to prevent a return to the 1,182.33 level, its Dec 31’2013 low. Below here will aim at the 1,150.00 level followed by the 1,100.00 level with a turn below here shifting attention to the 1,050 level.
All in all, GOLD remains biased to the upside on corrective recovery.
Guest post by FX Tech Strategy
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