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GOLD: With GOLD selling off sharply during Thursday trading session, further downside pressure is expected in the days ahead. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level.

Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. Its daily RSI is bearish and pointing lower supporting this view.

Conversely, resistance resides at the 1,272.00 level where a break will aim at the 1,300.00 level. A break of here will turn attention to the 1,330.00 level followed by the 1,350.00 level. A cut through here will extend gains towards the 1,380.00 level. All in all, GOLD remains biased to the upside on correction.

gold January 30 2015