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GOLD: Bearish, Sells Off.

Thursday, September 12, 2013 15:26
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GOLD: With continued weakness seeing GOLD violating the 1,348.00 level on Thursday, there is risk of further downside. Support stands at the 1,300.00 level and then the 1,272.12 level. A turn below here will turn attention to the 1,250.00 level and next the 1,215.00 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, the commodity will have to return above the 1,348.00 level to reduce its downside pressure. This if seen will open the4 door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. A cut through here will aim at the 1,500.00 level, its psycho level.. All in all, GOLD remains biased to the downside short term.

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