GOLD: With the commodity unable to create a clear directional move, its preceding trend continues to dominate. Support lies at the 1,291.12 level. A violation of here will aim at the 1,250.00 level. A turn below here will turn attention to the 1,215.00 level and next the 1,180.00 level. Conversely, resistance lies at the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level with a breach targeting the 1,500.00 level, its psycho level. All in all, GOLD remains biased to the downside on pullbacks.
Article by fxtechstrategy.com