GOLD: The commodity’s outlook remains lower after extending its corrective weakness on Tuesday. On the downside, support comes in at the 1,130.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside short term.
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