GOLD: The commodity remains weak and vulnerable following a sell off the past week. That leaves the pair targeting further downside in the new week. However, at this stage GOLD is prone to correction of the mentioned weakness. Support lies at the 1,240.77 level as the next support where a breach will set the stage for a run at the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. All in all, GOLD remains biased to the downside in the medium term.
GOLD: The commodity remains weak and vulnerable following a sell off the past week. That leaves the pair targeting further downside in the new week. However, at this stage GOLD is prone to correction of the mentioned weakness. Support lies at the 1,240.77 level as the next support where a breach will set the stage for a run at the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. All in all, GOLD remains biased to the downside in the medium term.
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