Gold: Consolidates With Upside Bias

Gold:  The commodity remains in consolidation mode but faces upside risk. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level.

Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,230.00 level where a break will aim at the 1,240.00 level. A turn above there will expose the 1250.00 level. Further out, resistance stands at the 1,260.00 level. All in all, gold looks to consolidate further as it looks for clear directional moves