GOLD: The commodity may be hesitating but continues to face its broader downside pressure in the medium term. While it trades below the 1,296.40 level, our bias remains lower. Support lies at the 1,270.00 level where a break will expose the 1,257.68 level followed by the 1,230.00 level. A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose the 1,160.00 level and then the 1,140.00. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,285.00 level where a break will target the 1,300.00 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. And then the 1,380.00 level. All in all, GOLD remains biased to the downside in the nearer term.
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