GOLD: With GOLD’s recovery now in trouble following a lower close on Monday, a return to the 1,187.17 level is expected.
Further down, support comes in at the 1,150.00 level with a violation of here shifting attention to the 1,100.00 level. A turn below here will push the commodity further lower towards the 1,100.00 level. Its daily RSI is bearish and pointing lower supporting this view.
Conversely, resistance comes in at the 1,211.00 level with a violation targeting further upside towards the 1,250.00 level followed by the 1,300.00 level followed by the 1,350.00 level. All in all, GOLD remains biased to the downside medium term.
Guest post by FX Tech Strategy
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