GOLD: Faces Further Downside Pressure
GOLD: With GOLD continuing its downside weakness the past week, it now faces further downside pressure in the new week. Support lies at the 1,257.68 level with a break targeting the 1,240.00 level. Below here will expose the 1,220 level and then the 1,200.00. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,300.00 level where a break will target the 1,330.00 level followed by 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. All in all, GOLD remains biased to the upside in the nearer term.
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Source: http://blog.fxtechstrategy.com/gold-faces-further-downside-pressure/
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