GOLD: Weak, Vulnerable.
Forex Bits

GOLD: Weak, Vulnerable.

GOLD: The commodity remains vulnerable having followed through lower the past week. Support stands at the 1,300.00 level with a violation targeting the 1,272.12 level.

A turn below here will turn attention to the 1,250.00 level and next the 1,215.00 level. Its weekly RSI is bearish and pointing lower supporting this view.

Conversely, the commodity will have to return above the 1,348.00 level to reduce its downside pressure.GOLD

This if seen will open the4 door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. A cut through here will aim at the 1,500.00 level, its psycho level..

All in all, GOLD remains biased to the downside short term.

Guest post by FX Tech Strategy