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GOLD Remains On The Defensive On Price Extension

GOLD: With GOLD weakening further on the back of its past week losses during Monday trading session, additional decline is envisaged. On the downside, support comes in at the 1125.00 level where a break will turn attention to the 1110.00 level. Further down, a cut through here will open the door for a move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure targeting the 1090.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1155.00 level where a break will aim at the 1170.00 level. A turn above there will expose the 1180.00 level. A violation of here will turn attention to the 1195.00 level. All in all, GOLD remains biased to the downside on pullbacks.

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