Gold Looks to Extend its Recovery

Gold (1196.82)

Gold is attempting to push higher as we are noting an uneven recovery. Please not the above daily MT 4 chart. My colleague, Jason Schwartzman recently wrote that the yellow metal was stuck in neutral.  Now we note that gold is trying to push higher.

We need a daily close above the key $1200 per ounce level in order to challenge 1212.20. A break above the latter level will see a test of 1237.60, which is at the falling trend line. Should gold reverse and push back lower, we need a break below the cluster area from 1178.5 to 1180.85 to challenge 1161.50.