Gold under pressure , Resistance is 1300 !

gold _ usd

The Gold maintained a bearish momentum 2 days ago, topped at 1300.64 and bottomed at 1270.14. Now the pressure will be on the key support 1270.14. The Gold will have to hold below the 1270.14 levels on a daily closing basis to push the market for further downside losses If seen It will target the 1244 levels where a breach will turn the focus on 1233 ahead of 1208 levels.

Alternatively, a failure to hold below the 1270.14 levels, could mean a return to the 1300.64 levels, break of 1300.64 levels will flip bias to the upside for retesting 1338 ahead of 1365 levels.

In all, as long as 1300.64 holds on a daily closing basis, the pair will remain biased to the downside with risk towards the 1244 levels ahead of 1210 levels, note that a break below the 1180 levels will extend weakness towards 1150 ahead of 1100 levels.






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