GOLD: Although biased to the downside, its ability to hold above the 1,277.58 level is suggestive of an impending recovery. Support lies at the 1,277.58 level. A turn below here will shift focus to the 1,250.00 level followed by the 1,230.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1,318.30 level where a violation will target the 1,331 level. Above here if seen will trigger further gains towards the 1,359.00 level followed by the 1,380.00 level. Further out, resistance comes in at the 1,400.00 level where a break will aim at the 1,420.00 level. All in all, GOLD remains biased to the downside in the short term.
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