GOLD: Bearish, Aims At The 1,321.00 Level
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GOLD: Having sold off on Tuesday to extend it downside pressure, the risk is for more downside to occur. Despite its Wednesday price hesitation, its broader bias points to the 1,321/38 levels. A turn below here will pave the way for a run at the 1,300.00 level where a breach will set the stage for a run at the 1,270.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,400.00 level, its psycho level. Above here will aim at the 1,444.00 level followed by the 1,488.00 level. Further out, resistance is seen at the 1,500.40 level. All in all, GOLD remains vulnerable to the downside in the medium term.