GOLD: With the commodity still vulnerable to the downside, the threat of a return to the 1,291.12 level remains.
A violation of here will aim at the 1,250.00 level. A turn below here will turn attention to the 1,215.00 level and next the 1,180.00 level.
Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,399.79 level.
A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level with a breach targeting the 1,500.00 level, its psycho level.
All in all, GOLD remains biased to the downside on pullbacks.
Guest post by FX Tech Strategy
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