GOLD: Although a marginal higher close occurred the past week, GOLD continues to retain its broader downside pressure. On the upside, resistance resides at the 1,219.98 level where a break will aim at the 1,230.00 level, its key psycho level.
A violation of here will turn attention to the 1,250.00 level followed by the 1,180.00 level. A cut through this level will extend gains towards the 1,300.00 level. On the downside, support comes in at the 1,200 level where a break will aim at the 1,180.00 level.
Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
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