Gold: The commodity extended its recovery the past week, leaving risk higher in the days ahead. On the downside, support comes in at the 1,355.00 level, where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,340.00 level. Below here, if seen, could trigger further downside pressure targeting the 1,330.00 level.
Conversely, resistance resides at the 1,370.00 level, where a break will aim at the 1,380.00 level. A turn above there will expose the 1,390.00 level. Further out, resistance stands at the 1,400.00 level. The weekly RSI is bullish and pointing higher, suggesting more strength. All in all, gold looks to strengthen further in the new week.