GOLD: Although closing marginally lower the past week, GOLD continues to retain its downside bias. Immediate support lies at the 1,211.65 level. A cut through here will aim at the 1,200.00 level with a turn below here calling for a retake of the 1,180.00 level.
Further down, support resides at the 1,150.00 level with a turn below here shifting attention to the 1,100.00 level.
Conversely, a continued upside, the commodity will target the 1,300.00 level followed by the 1,350.00 level and possibly higher towards the 1,399.79 level. All in all, GOLD remains biased to the downside medium term despite its recovery attempts.
Guest post by FX Tech Strategy
