GOLD: The commodity’s outlook continues to point higher leaving risk of more gains in the new week. However, we may see GOLD pulling back to correct some of its recent gain. On the upside, resistance resides at the 1,170.00 level where a break will aim at the 1,190.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the contrary, support comes in at the 1,150.00 level where a break will aim at the 1,130.00 level. A cut through here will open the door for move lower towards the 1,120.00 level. Below here if seen could trigger further downside pressure towards the 1,100.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
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