GOLD: With GOLD continuing to maintain its downside bias, further decline continues to be envisaged. However corrective recovery risk could occur in the new week as long as it can trade and hold above the 1,289.36 level. Support lies at the 1,289.36 level where a break will pave the way for a run at the 1,277.58 level. A turn below here will shift focus to the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1,318.30 level where a violation will target the 1,331 level. Above here if seen will trigger further gains towards the 1,359.00 level followed by the 1,380.00 level. Further out, resistance comes in at the 1,400.00 level where a break will aim at the 1,420.00 level. All in all, GOLD remains biased to the downside short term
GOLD: Threatens Further Downside
GOLD: With GOLD continuing to maintain its downside bias, further decline continues to be envisaged. However corrective recovery risk could occur in the new week as long as it can trade and hold above the 1,289.36 level. Support lies at the 1,289.36 level where a break will pave the way for a run at the 1,277.58 level. A turn below here will shift focus to the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1,318.30 level where a violation will target the 1,331 level. Above here if seen will trigger further gains towards the 1,359.00 level followed by the 1,380.00 level. Further out, resistance comes in at the 1,400.00 level where a break will aim at the 1,420.00 level. All in all, GOLD remains biased to the downside short term
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