GOLD: Having continued to decline following its Friday downside pressure after price failure, more weakness is now envisaged in the days ahead. 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 1240.00 level where a break will aim at the 1250.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1270.00 level. All in all, GOLD looks to build up on its corrective weakness.
Our latest podcast is titled What’s the Deal with the Death Cross? + Yellen and yen