GOLD: Bearish, Targets Further Weakness

GOLD: The commodity continues to face downside pressure on bearishness. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing suggesting further weakness. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1,270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to weaken further on bear pressure.

Strategy: Sell at 1,241.50, Stop loss at 1,256.00, Price target at 1,225.00 & 1.215.00