GOLD: Outlook for GOLD continues to point lower closing lower for a second week in a row the past week. Having broken the 1,300.00 level, the risk is for more decline to occur towards the 1,280.00 level followed by the 1,250.00 level. Further down, support comes in at the 1,200.00 level. Its weekly RSI bearish and pointing lower supporting this view. On the upside, immediate resistance resides at the 1,300.00 level where a violation if seen will aim at the 1,317 level. A breach will aim at the 1,342.30 level followed by the 1,367.40 level. 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. All in all, GOLD remains biased to the downside in the medium term but faces recovery risks.
Article by www.fxtechstrategy.com
