GOLD: Biased To The Upside For A Run At 1,265.05.
GOLD: After rallying strongly higher on Tuesday, the commodity is now looking forward to recapturing its YTD high at 1,265.05 despite its price hesitation in today’s trading session. Above the 1,265.05 level will call for more upside gains towards the 1,280 level with a break turning focus towards the 1,300 level. On the other hand, if pullbacks occur, we should see more weakness targeting the 1,200.00 level followed by the 1,166.15 level, its Aug 02’10 low. Further down, support resides at the 1,156.80 level. All in all, Gold is now looking forward to resuming its broader long term uptrend having continued to maintain its recovery gains.
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