Gold Weekly Technical Outlook

Gold stayed in sideway consolidation from 1263.9 short term top last week and outlook is unchanged. As long as 118.04/16 cluster support holds (38.2% retracement of 1045.4 to 1263.9 at 1180.4), further rally is still expected. Break of 1263.9 will target 1307.8 resistance next. However, break of 1181.04/16 will at least bring deeper pull back to 61.8% retracement at 1128.9.