Gold: Outlook Remains Higher With Eyes On 1,280.00 Zone

Gold: Having the commodity continued to recover higher, more strength is likely. As long as it trades and holds above the 1,246.24 zone, we think it should head higher. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, Gold looks to recover higher on correction.