GOLD: Bearish, Looks To Weaken Further.
GOLD: With the commodity bearish and pointing lower, further downside pressure is likely. The threat is for more weakness to occur on breaking below that level possibly towards the 1,250.00 level. A turn below here will shift attention to the 1,215.00 level and next the 1,180.00 level. Its daily RSI is bearish and pointing lower suggesting further downside. Conversely, resistance lies at the 1,329 level where a breach will target 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. All in all, GOLD remains biased to the downside.
