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GOLD: Remains Weak And Vulnerable.

GOLD: While GOLD may still be biased to the upside above the 1,273.80/1,268.39 levels, it continues to face downside risk. This leaves the commodity vulnerable to the downside towards  the 1,273.80 level where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will  target the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance comes in at the 1,299.40 level where a break if seen will set the stage for a run at the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. A close above here will open the door for the resumption of its long term upside towards the 1,400.00 level. All in all, GOLD remains biased to the downside short term.