GOLD: With GOLD rallying on Wednesday, we expect more upside pressure in the days ahead. to hold on to its downside pressure, further decline is envisaged. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level.
Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, GOLD looks to resume its broader medium term uptrend.
