Gold: a technical analysis indicates that risks are to the upside (Natixis)

Here is a short and medium term technical analysis of gold according to Natixis:

"A rising channel has emerged on the daily chart since mid-December and the daily indicators remain bullish. In addition, the weekly indicators recovered significantly and the 1219 threshold was broken.

The risks appear to be on the rise; in this context, the troughs must be considered corrective and we favour an extension of the rally within the next days to 1250-1254. Prior to 1267-1276 and resistance at 1307.

The support levels are at 1210-1219, 1190-1202, 1143 and 1108."