GOLD: Unless GOLD returns above the 1,348 level, there is risk of further declines following its Tuesday weakness.
Support comes in at the 1,272.12 level with a turn below here turning attention to the 1,250.00 level and then the 1,215.00 level. Further down, a violation of here will call for a run at the 1,180.22 level.
Conversely, a return above the 1,348.00 level will open the door for a move higher towards the 1,400.00 level, its psycho level followed by the 1,450.00 level, its psycho level. A cap may occur here and turn it lower. All in all, GOLD remains vulnerable.
Guest post by FX Tech Strategy
