GOLD: Looks To Trigger Correction

GOLD: With a marginal close seen the past week, corrective pullback is envisaged. Resistance resides at the 1,315 level where a break will aim at the 1,330.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,300.00 level where a break will aim at the 1,280.00 level. Below here if seen could trigger further downside towards the 1,250.00 level where a break will aim at the 1,230.00 level. All in all, GOLD remains biased to the upside on correction.

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