Gold Weekly Technical Outlook

Gold's rebound form 1199.0 continued last week and further rise should still be seen towards 1306.0. Price actions from 1306.0 are expected to develop into a sideway pattern. Thus, strong resistance should be seen there to bring near term reversal. Below 1251.3 support will turn bias to the downside for 1199.0 again, which is close to 38.2% retracement of 1045.4 to 1306.0 at 1206.5.