GOLD Backs Off Higher Prices On Pullback

GOLD may be biased to the upside in the medium term but faces pullback risk after rejecting higher prices on Friday. On the downside, support comes in at the 1,420.00 level where a break will turn attention to the 1,410.00 level. Further down, a cut through here will open the door for a move lower towards the 1,400.00 level. Below here if seen could trigger further downside pressure targeting the 1,390.00 level. Conversely, resistance resides at the 1,430.00 level. Further out, resistance resides at the 1,440.00 level where a break will aim at the 1,450.00 level. A turn above there will expose the 1,460.00 level. Further out, resistance stands at the 1,470.00 level. All in all, GOLD looks to strengthen further in the short term.

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