Gold price holds in red on Thursday and eases from new high at $1365 (the highest since 25 Jan), posted on Wednesday in strong safe-haven rally. Traders booked profits of strong four-day rally, as immediate threats of escalation of Syria conflict eased. The pullback is seen as corrective and positioning for fresh upside action, however, could extend lower as pivotal support at $1348 (Fibo 38.2% of $1319/$1365 rally has been broken. Extended dips should ideally find footstep at $1342 (Fibo 50%/10 Apr high) to keep bulls intact. Renewed attempt higher need to clearly break $1354 pivot which kept upside attempts in past few months limited, as several probes failed to close above. Strong bullish signal would be generated on eventual close above $1354 for probe through multi-month congestion ceiling at $1366 and attack at July 2016 peak at $1375. Bullish techs support scenario, however geopolitical situation is expected to be the main driver.
Res: 1350, 1354, 1361, 1365
Sup: 1345, 1342, 1337, 1333
