GOLD: With GOLD taking back most of its last week gains to close higher at the end of the week, further bullishness is likely. On the downside, support comes in at the 1,190.00 level where a break will aim at the 1,170.00 level. Below here if seen could trigger further downside towards the 1,150.00 level where a break will aim at the 1,130.00 level. On the upside, resistance resides at the 1,219.00 level where a break will aim at the 1,230.00 level. A violation of here will turn attention to the 1,250.00 level followed by the 1,170.00 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, GOLD remains biased to the downside medium term but faces corrective recovery risk.
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