GOLD: Though closing flat the past week, its broader medium term downtrend remains intact. Below its declining trendline leaves our bias to the downside with eyes on the 1,251.56 level. A breach will aim at the 1,215.00 level.
Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level.
Conversely, resistance lies at the 1,375 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 medium term.
Guest post by FX Tech Strategy
