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GOLD Rallies, Resumes Short Term Uptrend

GOLD: The commodity rallied strongly on Wednesday leaving risk of further upside on the cards. This price development leaves bulls on the offensive towards the 1,147.00/1,150.00 area. Support comes in at the 1,126.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,270.000 followed by the 1,280.00 level. A violation of here will turn attention to the 1,290.00 level. All in all, GOLD remains biased to the upside on corrective recovery.

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