GOLD: Vulnerable Below Falling Trendline Resistance.
GOLD: Outlook for GOLD remains lower while holding and trading below its declining trendline currently seen at 1,274.25 level. This leaves it targeting its minimum support located at the 1,231.48 level, its Jan 23’2014 low. On a turn below that level, more weakness should occur follow towards the 1,200 level, representing its psycho level. This level must hold to prevent the commodity from weakening further. However, if that level is violated it will turn attention to the 1,182.33 level, its Dec 31’2013 low where a breach will target the 1,150.00 level followed by the 1,100.00 level, its psycho level. Conversely, a return above the 1.279.08 level and its declining trendline resistance is required to annul its present bear pressure and trigger further upside towards the 1,300.00 level. Further out, resistance resides at the 1,350.00 level and next the 1,400.00 level, its psycho level. All in all, GOLD remains biased to the downside in the medium term.
Article by www.fxtechstrategy.com