Gold Is Bullish; Risk Points Higher

Gold: The commodity took back its previous week losses to close higher the past week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Conversely, resistance resides at the 1,235.00 level where a break will aim at the 1,245.00 level. A turn above there will expose the 1,255.00 level. Further out, resistance stands at the 1,270.00 level. All in all, gold looks to strengthen further.

XAU/USD Daily Chart

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