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GOLD: With GOLD closing higher the past week (see weekly chart), further strength is expected. However, while it trades below the 1263.00/1279.00 resistance zone, risk of a move lower is likely. On the downside, support comes in at the 1250.00 level where a break will turn attention to the 1240.00 level.

Further down, a cut through here will open the door for a move lower towards the 1230.00 level. Below here if seen could trigger further downside pressure targeting the 1220.00 level. Conversely, resistance resides at the 1263.00 level where a break will aim at the 1279.00 level. A turn above there will expose the 1290.00 level. Further out, resistance stands at the 1300.00 level. All in all, GOLD looks to pullback lower on price failure.


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