gold weekly analysis ,finally uptrend

We still maintain our upside outlook on GOLD on corrective recovery higher. This view remains valid as long as the commodity trades and holds above the 1,240.23 point. On the upside, resistance comes in at the 1,280.00 point where a breach will expose the 1,308 point.
Further out, resistance resides at the 1,315.48 point with a violation aiming at the 1,331.36 point and then the 1,342.00 point. Its daily RSI is bullish and pointing higher supporting this view. Conversely, key support lies at the 1,240.77/1,237.00 points where price halt is envisaged. However if taken out, expect more weakness to occur towards the 1,220.00 point. again down, a turn below the mentioned support will target the 1,200.00 point. Its daily RSI is bullish and pointing lower supporting this view.
 finally, GOLD remains biased to the downside in the medium term.