GOLD: Remains Biased To The Downside

GOLD: Though closing flat the past week, its broader medium term downtrend remains intact. Below its declining trendline leaves our bias to the downside with eyes on the 1,251.56 level. A breach will aim at the 1,215.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.