Despite its past week pullback, the commodity continues to maintain its broader upside. This suggests the risk of returning the 1,738 level remains on the cards. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside in the medium term.
Most Popular Slideshows
- 'Game of Thrones'-like Film, 'The Queen of the Tearling,' Casts Emma Watson as Lead Star and Exec Producer [PHOTOS]
- Kim Kardashian Baby Girl: Suggested Ways Kanye West’s New Born Can Earn Money to Keep Up with the Kardashians [PHOTOS]
- Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
- 'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]