GOLD: Pressure Builds On The Downside.
GOLD: With GOLD taking back its previous week gains to close lower, further downside is likely in the days ahead. Further down, support comes in at the 1,292 level where a break will aim at the 1,257.68 level followed by the 1,240.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,330.00 level where a breach will aim at the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. Its daily RSI is bullish and pointing lower supporting this view. All in all, GOLD remains biased to the upside in the nearer term.
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Source: http://blog.fxtechstrategy.com/gold-pressure-builds-on-the-downside/
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