Gold: Targets Additional Upside With Caution

Gold: With gold reversing its Friday losses on Monday, a build up on that gain is likely.

However, it remains trapped within its consolidation, leaving directional move a challenge. On the downside, support comes in at the 1220.00 level where a break will turn attention to the 1210.00 level. Further down, a cut through here will open the door for a move lower towards the 1200.00 level. Below here if seen could trigger further downside pressure targeting the 1190.00 level. Conversely, resistance resides at the 1250.00 level where a break will aim at the 1260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1280.00 level.

All in all, gold targets further upside with caution.