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GOLD: Sells Off Sharply

GOLD: With continued downside pressure seen, GOLD extended its weakness during Thursday trading session. Support lies at the 1,257.68 level where a break will aim at the 1,230.00 level.

A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose the 1,160.00 level and then the 1,140.00. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,285.00 level where a break will target the 1,300.00 level followed by the 1,345.90 level.

A cut through here will extend gains towards the 1,360.30 level. And then the 1,380.00 level. All in all, GOLD remains biased to the downside in the nearer term.


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