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GOLD Looks To Pullbacks On Corrective Weakness

GOLD looks to pullback on corrective weakness. While the commodity trades below the 1,320.35 level, risk of more decline remains. The commodity looks to move higher towards the 1,320.00 resistance zone. Further out, resistance resides at the 1,330.00 level where a break will aim at the 1,340.00 level. A turn above there will expose the 1,350.00 level. Further out, resistance stands at the 1,360.00 level. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level. Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen could trigger further downside pressure targeting the 1,270.00 level. All in all, GOLD looks to move further lower on correction.

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