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GOLD: With GOLD closing marginally lower on a rejection candle the past week (see weekly chart), further downside is likely. On the downside, support comes in at the 1210.00 level where a break will turn attention to the 1200.00 level.

Further down, a cut through here will open the door for a move lower towards the 1190.00 level. Below here if seen could trigger further downside pressure targeting the 1180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1230.00 level where a break will aim at the 1240.00 level. A turn above there will expose the 1250.00 level. Further out, resistance stands at the 1260.00 level. All in all, GOLD looks to decline further on price failure.


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