GOLD: With a sell off occurring on GOLD the past week, further bearishness is now envisaged. If this occurs, a recovery higher could occur toward the 1,150.00 level. On the downside, support stands at the 1,130.00 level where a break will aim at the 1,100.00 level.
Below here if seen could trigger further downside towards the 1,080.00 level where a break will aim at the 1,050.00 level. On the upside, resistance lies at the 1,207.00 level where a break will aim at the 1,230.00 level. A break will target the 1,250.00 level followed by the 1,280.00 level. A cut through here will extend gains towards the 1,300.00 level. All in all, GOLD remains biased to the downside in the medium term.
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