GOLD: With GOLD extending its strength above the 1170.03 level on Wednesday, further bullish offensive is envisaged. The commodity must continue to trade and hold above its broken resistance turned support at 1170.03 to create scope for more strength. On the downside, support comes in at the 1165.00 level where a break will aim at the 1150.00 level. A cut through here will open the door for move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure towards the 1115.00 level. Its daily RSI is bullish and pointing higher suggesting further strength.
Conversely, resistance resides at the 1200.00 level where a break will aim at the 1215.00 level. A turn above there will expose the 1230.00 level. A violation of here will turn attention to the 1245.00 level. All in all, GOLD remains biased to the upside above key support at 1170.03 level.
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