GOLD: Having violated the 1,612.10 level and continuing to hold on to its broader bearishness, the risk is for more declines to occur despite its current price hesitation. In such a case, the 1,522.55 level, its Dec 2011 low will come in as the next downside target with a break of here opening the door for further weakness towards its psycho level at 1,500.00. Its daily RSI is bearish and pointing lower. Alternatively, the commodity will have to return above the 1,714.35 level to annul its present downside threats and then open further upside towards the 1,802.75 level, its Nov’2011 high and possibly higher towards the 1,84 outlook on Gold 50 level. All in all, Gold continues to hold on to its short term downside bias.
Discover how our Daily Forex Research Trusted by Over 3,000 Traders can help you make easy and smart trading decisions.
