Gold: With Gold declining further on Wednesday following its Tuesday weakness, further downside pressure is envisaged. However, supports at 1104.00/1098.00 zone could present a tough time for the commodity. It requires a convincing break below here to extend further weakness. On the downside, support comes in at the 1100.00 level where a break will turn attention to the 11090.00 level. Further down, a cut through here will open the door for a move lower towards the 1075.00 level. Below here if seen could trigger further downside pressure targeting the 1055.00 level.
Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1120.00 level where a break will aim at the 1135.00 level. A turn above there will expose the 1150.00 level. A violation of here will turn attention to the 1165.00 level.
All in all, Gold remains biased to the downside on pullbacks
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