Gold: Biased To The Upside Medium Term

Gold: The commodity continues to look for additional strengthen following its strong close at the end of the week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, Gold looks to strengthen further in the new week.