GOLD: Bearish, Extends Weakness
GOLD: Outlook for GOLD remains lower after breaking lower out of its consolidation on Tuesday and following through lower on Wednesday trading session. Support lies at the 1,250.00 level as the next support where a breach will set the stage for a run at the 1,230.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. All in all, GOLD remains biased to the downside in the medium term.