Gold targets 1347,support at 1272 levels !

gold _ usd

The Gold maintained a bullish momentum yesterday, broke above the 1307 levels, this development suggests a run towards the 1347 levels the upcoming days, a halt could be seen from 1347 levels but a breach will resume the upward offensive towards the 1377 levels ahead of the 1424 levels , further break will aim the 1444/1488 levels.

On the downside, support is at 1283 ahead of 1272 (main), at this point , the pair needs to hold above the 1272 levels on a daily closing basis to push the market for further upside gains, but a failure to hold above the 1272 levels will reverse risks to the downside towards the 1244 levels , a breach will turn focus on the 1208 levels.

In all, as long as the 1272 levels hold on a daily closing basis, the pair is likely to return to its upside boarder with risk towards the 1347 levels, only a break below 1272 will invalid the last bullish run and reverse risks to the downside.