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AUDUSD: Bearish, Deeper Weakness Triggered

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Old 16-01-2014, 20:13
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Default AUDUSD: Bearish, Deeper Weakness Triggered

GOLD: The commodity remains vulnerable to the downside while holding and trading below the 1,267.75 level, its Dec 102013 high. Support stands at the 1,218.35 level, representing its Jan 082014 low. This level must hold to prevent a return to the 1,182.33 level, its Dec 312013 low from occurring. However, if this is violated it will aim at the 1,150.00 level followed by the 1,100.00 level with a turn below the latter shifting attention to the 1,050 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,267.75 level, its Dec 10 2013 high. A cut through here will create scope for a move higher towards the 1,300.00 level where a violation if seen will turn focus to the 1,350.00 level. All in all, GOLD remains biased to the downside in the medium term.

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