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GOLD: Declines Sharply On Sell Off

GOLD: GOLD closed lower the past week leaving risk of a move lower on the cards. Support comes in at the 1,200.00 level where a break will aim at the 1,190.00 level. A cut through here will open the door for move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure towards the 1,150.00 level and then the 1,130.00 level. Conversely, resistance resides at the 1,220.00 level where a break will aim at the 1,235.00 followed by the 1,250.00 level. A violation of here will turn attention to the 1,270.00 level followed by the 1,300.00 level. All in all, GOLD faces corrective weakness threats as we enter a new week with eyes on the 1.0900 level.

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