GOLD: With a second week of downside pressure occurring the past week, further downside pressure is likely. Except it returns above the 1,285/1,300 levels, downside threat remains. On the downside, support comes in at the 1,200.00 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,25se40.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure
GOLD: With a second week of downside pressure occurring the past week, further downside pressure is likely. Except it returns above the 1,285/1,300 levels, downside threat remains. On the downside, support comes in at the 1,200.00 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,25se40.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure
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