GOLD: With GOLD failing to follow through higher and turning lower on sell on Monday, further downside pressure is expected in the days ahead.This development leaves the commodity targeting the 1,187.26 level, its Dec 2013 low.
A decisive violation of here will aim at the 1,150.00 level with a turn below here shifting attention to the 1,100.00 level. Its daily RSI is bearish and pointing lower supporting this view.
Conversely, resistance comes in at the 1,211/19 levels with a violation of here setting the stage for further decline towards the 1,250.00 level followed by the 1,300.00 level and next the 1,350.00 level.
All in all, GOLD remains biased to the downside in the medium term.
Guest post by FX Tech Strategy
