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Gold: The bulls are targeting 1300 & 1350

The precious metal had a strong session on Wednesday after Bernanke comments, with the bulls pushing the market back above 1280. The market is indecisive this morning and as the price cleared resistance at 1247, it looks set to continue its grind higher. The key level to watch for bullish confirmation sits at 1300. The upside penetration of that area could bring us straight up to 1350. Above that area, we expect to see a lot of noise before the market decides its direction again. As longs as we remain above 1247, there is no reason for the bulls to worry. A consistent break below that level, would change the outlook back to negative.

Dafni Serdari
Market Analyst
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