GOLD: Consolidation Risk Seen
GOLD: Outlook for GOLD continues to remain lower though consolidating. It will have to break either way to create directional trigger. Support resides at the 1,273.80 level as the next support where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target 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 comes in at the 1,308 level where a break will target the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. Above here will open the door for the resumption of its long term upside. All in all, GOLD remains biased to the downside in the short term.
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Source: http://blog.fxtechstrategy.com/gold-consolidation-risk-seen/
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