GOLD: With GOLD reversing its intra-day gains to weak further today, further downside pressure is now envisaged. Key support lies at its big psycho level at the 1,300 .00. We expect bulls to come in here and push it higher but if broken further downside is likely towards the 1,280.00 level followed by the 1,250 level. Its daily RSI bearish and pointing lower supporting this view. On the upside, for GOLD to annul its correction it will have to recapture the 1,367.40 level, a tough call based on its present price action. Further out, resistance resides at the 1,388.95 level, its Mat 17 2014 high followed by the 1,400.00 level, its psycho level. A break will trigger further upside pressure towards the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside in the short term despite recovery attempts.
Article by www.fxtechstrategy.com
