GOLD: Despite its lower close the past week, GOLD continues to retain its upside bias. However, it will have to return above the 1,348.10 level to trigger that uptrend. Above here will call for a run at the 1,400.00 level, its psycho level followed by the 1,450.00 level, its psycho level.
A cap may occur here and turn it lower. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1,283.12 level where a reversal of roles as support is likely. But if taken out watch out for the 1,250.00 level and then the 1,215.00 level.
Further down, a violation of here will call for a run at the 1,180.22 level. All in all, GOLD remains biased to the upside despite bear threats.
Guest post by FX Tech Strategy
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