GOLD: Bearish, Declines Further

8 March 2017, 14:31
FXTechstrategy
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GOLD: The commodity declined further on Tuesday leaving risk of more weakness on the cards. On the downside, support comes in at the 1,210.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,190.00 level. Below here if seen could  trigger further downside pressure targeting the  1,180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,220.00 level where a break will aim at the  1,230.00 level. A turn above there will expose the  1,240.00 level. Further out, resistance stands at  the 1,250.00 level. All in all, GOLD looks to weaken further.

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