GOLD: Bull Pressure Sets Up For The 1170.03 Level

Having followed through higher on the back its previous week gains,a further move higher in gold is likely in the new week. This development is triggered if it leaves its key resistance at 1170.03 exposed.

On the downside, support comes in at the 1140.00 level where a break will aim at the 1125.00 level. A cut through here will open the door for a move lower towards the 1115.00 level. Below here,a move if seen, could trigger further downside pressure towards the 1100.00 level.

Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1165.00 level where a break will aim at the 1180.000 followed by the 1190.00 level. A violation here will turn attention to the 1200.00 level. All in all, gold remains biased to the upside in the short term.