GOLD: The commodity broke lower today leaving the risk of further downside on the cards. The threat is for more weakness to occur towards the 1,272.00 level.
A violation of this level will aim at the 1,250.00 level with a turn below here shifting 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.
Guest post by FX Tech Strategy
