Recovery strength started from the 1,156.80 level continues to target higher prices as it now eyes the 1,203.98 level, its July 23'10 high. This is coming on the back of a strong bull run on Tuesday. Above the 1,203.98 level will open the door for a run at the 1,217.90 level, its July 13'10 high and then the 1,265.05 level, its 2010 high. However, if pullbacks materialize, we should see further weakness targeting the 1,166.15 level, its Aug 02'10 low. Further down, support resides at the 1,156.80 level with a breach allowing for more declines towards the 1,123.70 level. All in all, Gold is nearer term biased to the down side though seen recovering higher.

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